South Africa: Update on Foreign Income Exemption

Olaogun and de Risi talk about the move of the South African Legislation of amending the foreign income exemption available to South African residents working abroad. In terms of the revised legislation, the exemption was capped at ZAR1 million of the foreign-earned remuneration per annum, to be eff...

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Bibliographic Details
Published in:Journal of International Taxation 2019-05, Vol.30 (5), p.15-16
Main Authors: Olaogun, Dele A, de Risi, Cinzia
Format: Article
Language:English
Subjects:
Amendments
Emigration
Employers
Foreign source income
Foreign tax credits
International taxation
Legislation
Overseas employment
Tax credits
Tax exemptions
Tax rates
Tax regulations
Tax services
Taxpayers
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Summary:Olaogun and de Risi talk about the move of the South African Legislation of amending the foreign income exemption available to South African residents working abroad. In terms of the revised legislation, the exemption was capped at ZAR1 million of the foreign-earned remuneration per annum, to be effective on Mar 1, 2020. According to the National Treasury, the tax exemption of foreign employment income appeared excessively generous; therefore, an amendment to the legislation was required.
ISSN:1049-6378