n Without Prejudice - Shipping tax exemption : shipping law tax
|Article Title||Shipping tax exemption : shipping law tax|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Author||Annalie Pinch and Warren Radloff|
|Publication Date||Jul 2014|
|Pages||30 - 31|
A new South African international shipping tax regime was introduced from April 1 2014 and applies to years of assessment commencing on or after that date. Section 12Q of the Income Tax Act (58 of 1962) provides qualifying domestic shipping companies (defined as "international shipping companies") with exemptions from income tax, capital gains tax, dividends tax and withholding tax on interest paid to a non-resident (once effective). In particular, s12Q(2)(a) of the Act provides that any international shipping income of any international shipping company must be exempt from income tax.
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