n Tax Breaks Newsletter - New Section brings changes to forex gains and losses : income tax
|Article Title||New Section brings changes to forex gains and losses : income tax|
|© Publisher:||Moneyweb (Pty) Ltd|
|Journal||Tax Breaks Newsletter|
|Publication Date||Apr 2014|
|Pages||3 - 4|
Section 24(I)(10) of the Income Tax Act deals with unrealised foreign exchange gains or losses between a South African resident taxpayer and a foreign connected person. For the purposes of Section 24(I)(10), the unrealised foreign exchange gains or losses arising in the course of trade were disregarded for income tax purposes. The foreign gains or losses were only included as part of taxable income upon realisation of the exchange item (for example, repayment of the loan or settlement of a related party creditor).
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