Q: Are there any
changes to section 10(1)(o)(ii) for the 2016 year of assessment?
A:There were no announcements
in the budget review 2015 regarding the foreign employment income exemption.
However this exemption as well as the foreign pension exemption in section 10(1)(gC)
ITA has been raised by Treasury as being counter to the principle of worldwide
basis of taxation and they are relooking this from a policy perspective. It is
however unclear whether it is matter of immediate importance to them and more
clarity will be had when the 2015 Draft Bills are released by Jun/July this
Disclaimer: Nothing in this query and answer should be construed as
constituting tax advice or a tax opinion. An expert should be consulted for
advice based on the facts and circumstances of each transaction/case. Even
though great care has been taken to ensure the accuracy of the answer, SAIT do
not accept any responsibility for consequences of decisions taken based on this
query and answer. It remains your own responsibility to consult the relevant
primary resources when taking a decision.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.