A Laws.Africa project
5 March 1993

South Africa Government Gazette dated 1993-03-05 number 14601

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 Vol. 333                              P R E T O R IA , 5 M A R C H 1993
                                                                                                           No. 14601

                                     22 FEBRUARY 1993                                                      22 FEBRUARIE 1993

            M e d ia R e l e a s e                                               P e r s v e r k l a r in g
                           by                                                                       deur

              M   r   D   erek   K   eys   ,                                         M   nr   . D   erek   K   eys   ,

     M in is t e r o f F in a n c e a n d          of
                                                                       M in is t e r v a n F in a n s ie s en            va n
         T r a d e a n d In d u s t r y                                      H a n d e l en N y w e r h e id
                                                                  MET BETREKKING TOT RENTE WAT DEUR BUITE-
ON INTEREST EARNED IN SOUTH AFRICA BY                               LANDERS IN SUID-AFRIKA VERDIEN WORD
            NON-RESIDENTS
                                                                     Op 3 Junie 1992 het ek ’n wysiging aan die
 On 3 June 1992,1announced an amendment to the                         Inkomstebelastingwet, 1962, aangekondig ten
   Income Tax Act, 1962, to exempt from tax the                        einde vrystelling van belasting te verleen ten
   interest receipts and accruals of individuals who                  opsigte van die rente-ontvangstes en- toevallings
   are not ordinarily resident in the Republic of South               van individue wat nie gewoonlik in die Republiek
   Africa and companies which are managed and                         van Suid-Afrika woonagtig is nie, asook maatskap-
   controlled outside the country. Emigrants also                      pye wat buite die land bestuur en beheer word.
                                                                       Emigrante kwalifiseer ook mits hulle nie ’n besig-
   qualify provided they do not carry on a business in
                                                                       heid in Suid-Afrika bedryf nie. Die vrystelling was
   South Africa. The exemption was granted with
                                                                       met ingang van 3 Junie 1992 verleen.
   effect from 3 June 1992.
                                                                     Voor hierdie aankondiging het die belasting van
 Before this announcement, the taxation of non-resi­                   buitelanders se rente-inkomste wye dekking in die
   dents’ interest income received widespread cover­                   media geniet. Op grond van ’n indruk geskep deur
   age in the media. It was argued, on the basis of an                 ’n aankondiging in 1988 ten opsigte van die
   impression created by an announcement in 1988                       afskaffing van Rentebelasting op Buitelanders, is
   about the withdrawal of non-residents’ tax on                       daar geargumenteer dat buitelanders nie aan
   interest, that non-residents were not subject to                    Suid-Afrikaanse belasting onderhewig is nie. Na
   South African taxation. A number of non-residents                   hierdie aankondiging in 1988 het ’n aantal buite­
                                                                       landers nagelaat om hul rente te verklaar en is
   had stopped declaring their interest after the 1988
                                                                       gevolglik nie daarop belas nie.
   announcement and w ere not taxed on this income.
                                                                     Sedert die aankondiging van 3 Junie 1992, het buite­
 Since the announcement of 3 June 1992, non-resi­                      landers hul besorgdheid uitgespreek oor die feit
   dents have expressed concern about the fact that                    dat die Kommissaris van Binnelandse Inkomste
   the Commissioner for Inland Revenue maintains                       steeds die bevoegdheid het om opvolgstappe te
   the authority to act on untaxed interest received or                neem ten opsigte van onbelaste rente ontvang of
   accrued before 3 June 1992.                                         toegeval voor 3 Junie 1992.

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