Authors: Nandipha Mzizi and Louis Botha (Cliffe Dekker Hofmeyr). Alongside the 2017 Medium Term Budget Policy Statements, National Treasury released the revised version of the Taxation Laws Amendment Bill 27 of 2017 (Bill) on 25 October 2017. The Bill contains those proposals that were accepted by National Treasury and which were communicated to Parliaments Standing Committee on Finance, during the report-back hearings. Initially in the draft Taxation Laws Amendment Bill, 2017 (Draft Bill), the proposal was to repeal the exemption on foreign employment income in terms of s10(1)(o)(ii) of the Income Tax Act, No 58 of 1962 (Act). National Treasury (Treasury) thereafter engaged in an extensive consultation process on the proposed amendments with various stakeholders. In terms of the Bill, the Act will be amended to allow the first R1 million of foreign remuneration in respect of a year of assessment to be exempt from tax in South Africa if … Continue reading Amendment in respect of foreign employment income exemption