Donors as individuals In terms of section 56(2) of the Income Tax Act, 1962, donations tax shall not be payable in respect of the sum of the values of all property disposed of under donations (by a donor who is a natural person), where it exceeds R100 000 during any year of assessment. This came into operation on 1 March 2007 and is applicable in respect of any year of assessment commencing on or after that date. In other words, the first R100 000 of any bona fide donation will be free of donations tax. It should be noted that this amount is the maximum allowed (in totality) per year of assessment. Donors other than individuals For juristic persons such as private companies, the exemption is limited to R10 000 per year of assessment in respect of casual gifts. However, where a year of assessment is less than 12 months, Read More …
Category: Uncategorized
South Africa Takes First African Chair Of Global Tax Forum
At a meeting held in Cape Town on October 26 27 South African Revenues Service (SARS) official Kosie Louw was elected chairperson of the Global Forum on Transparency and Exchange of Information for Tax Purposes.