Gambling withholding tax south africa
The South African government has announced new gambling tax plans, scrapping the proposed withholding tax on winnings above ZAR25, ($3,). Jan 13, · OFFICIAL: This Is How Much You Will Be Taxed In SA When You Win The US Powerball Lottery are not subject to tax in South Africa if they are conducted. Taxation in South Africa. Projected constituents of South African taxation receipts for the tax year – Secondary tax on companies withholding tax;.
South Africa announces new gambling tax
Over to the experts then: A maximum of R a year will be deductible. The proposals include treatment of employer contributions as a fringe benefit, limits on tax deductible contributions and alignment of the tax treatment of provident and pension funds. If you are the lucky winner firstly ensure that its not Steve Harvey announcing the winner, then seek tax advise both in America and South Africa which investigates the tax law, the double taxation agreement, withholding taxes both within South Africa and America and takes into account your personal situation. According to the Minister the proposed gambling tax would assist in discouraging excessive gambling in South Africa.
One more step
Presenting a budget which will see individuals receive moderate tax relief amounting to R8. He said the tax on gambling is in line with practices in other countries such as the US, and added that he hoped it would discourage excessive gambling. Turning to individual tax relief, Gordhan announced a rise in the threshold at which income tax becomes payable, from R57 to R59 for taxpayers below age 65, and R93 for those 65 and older. Gordhan also proposed a third rebate of R2 per year, increasing the tax threshold for taxpayers aged 75 and older to R Annual tax-free interest income for those below 65 years old would increase to R22 , and to R33 for individuals 65 years and over.
Gordhan said the National Treasury is exploring the possibility of incentivised savings schemes for housing or for education as alternatives to this exemption. The tax-free lump sum benefit upon retirement will increase from R to R Tax-deductible contributions to medical schemes and those for qualifying out-of-pocket medical expenses will be converted into tax credits with effect from March The minister also proposed changes to the tax treatment and administration of contributions to retirement funds and added that the National Treasury would hold extensive consultation on the matter.
The proposals include treatment of employer contributions as a fringe benefit, limits on tax deductible contributions and alignment of the tax treatment of provident and pension funds. From March , an employer's contribution will be treated as a taxable fringe benefit, and employees will be allowed to deduct up to A maximum of R a year will be deductible.
With a view to protecting workers' savings, it is proposed that the one-third lump-sum withdrawal limit applicable to pension and retirement annuity funds should also apply to provident funds. Excise duties on alcoholic beverages will be increased by between 4.
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