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Were there any changes to section 10(1)(o)(ii) of the ITA in respect of the 2016 tax year?

10 March 2015   (0 Comments)
Posted by: Author: SAIT Technical
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Author: SAIT Technical

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 year.

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.


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