Don't try hide international tax
from the South African Revenue Service (SARS).
We're all part of a global village, so tax
commissioners will communicate with each other. And they are very much aware of the array of methods tax
evaders use. So the chances of being caught are very high.
So don't be foolish here.
Save your business from penalties by being an instant audit expert!
With penalties as high as 200%, you can't afford to stay in the dark about the auditing process. You need to know your rights, your responsibilities and obligations, and you need to know them before it's too late…
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Make sure you always use the most recent double tax
Ensure you always have the latest double tax
treaty between South Africa and the country you'll transact in.
Articles can change or differ for each country. So, if you're unsure, speak to a registered tax
Determine the residency as well as the source of the transaction. Are you resident in the foreign country you're carrying on trade? Are you aware of any specific source rules in that country?
Calculate the estimated taxes due on the transaction so you can budget for them.
If there aren't any taxes due, you'll have a calculation based on the double taxation treaty and the South African Income Tax Act to prove to SARS and the foreign commissioner if they tax
Always be prepared beforehand.
Apply the conversion rates correctly. This can make a huge difference under Section 25D
. If you have to use a spot rate, but use the average rate, you could receive a horrible surprise.
To learn more, subscribe to the loose leaf service advertised below.
Every South African tax law explained by our experts
The Practical Tax Loose Leaf Service offers you:
· All the definitions and legal regulations, useful advice, exceptions to the rules that help you slip through the legislative jungle of taxes.
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· Red flags you need to watch out for and the penalties you'll face if you don't respect them.
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