Foreign Income Tax

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

Foreign Income Tax Explained :

Dividends, employment, rental income, interest, and royalties are all sources of foreign income for many South Africans.

You might be confused about whether the money you earn in a foreign country is taxable in South Africa, and whether you should report it on your South African tax return.

In a nutshell, yes, foreign income is taxed in South Africa.

According to the South African tax system, all local and foreign income received by a South African resident is taxable, irrespective of where it’s paid or where the money comes from.

This is referred to as a Worldwide Tax System.

If South Africa is your primary home and you have a South African passport, you will be responsible for paying taxes there.

We’ll break down foreign revenue into several categories of income to give you a better understanding of the tax implications.

  • Earnings from foreign employment
  • Dividends and interest income from abroad
  • Rental income from abroad
  • Income from International trade
  • Royalties from abroad

More To Explore

Accounting

Medical Expenses

Tax credits can provide some tax advantages for certain medical expenses. A tax credit is a rebate that is not refundable. This implies that a percentage of your qualifying costs, in this example, medical expenses, are transformed into a tax credit and subtracted from your total tax burden (the amount of tax that you must

Accounting

Disability

What Is The Definition Of Disability? Section 6B(1) of the Act defines the word “disability” as follows : Disability includes a severe to moderate hindrance in the ability of any person to function and complete everyday activities as a result of a physical, sensory, communication, intellectual, or mental limitation that affects his or her capacity

Do You Want To Boost Your Business?

drop us a line and keep in touch

Scroll to Top