The South African Revenue Service July 12 updated Interpretation Note No. 101, clarifying the income tax treatment of gains and losses from foreign ex
The South African Revenue Service July 12 updated Interpretation Note No. 101, clarifying the income tax treatment of gains and losses from foreign exchange transactions. Updates reflect amendments to the income tax and tax administration laws effective Jan. 5, including relevant amended definitions, amended application of capital expense deductions, and rules for group companies. Topics covered include: 1) the calculation of taxable foreign currency income and conversion rates; 2) the calculation of tax debts based on the difference in national currencies; 3) taxation of foreign exchange transactions performed by natural persons, nonresidents, and controlled foreign companies (CFCs); 4) special rules …
news.bloombergtax.com