Notes on South African

Income Tax 2007

Keith Huxham and Phillip Haupt

Notes on South African Income Tax (now in its 26th annual edition) contains the important provisions of the law dealing with income tax, capital gains tax, donations tax, estate duty, and value-added tax in an easy to read format. In line with the policy of the authors, the important provisions of the law are covered and explained in clear terms, with examples.

Since the last edition of this book in January 2006, South Africa has introduced the following amendments:

·  Small Business Tax Amnesty and Amendment of Taxation Laws Act 2006

·  Second Small Business Tax Amnesty and Amendment of Taxation Laws Act 2006

·  The Revenue Laws Amendment Act 2006

·  The Revenue Laws Second Amendment Act 2006

Important changes and developments include:

● New anti-tax avoidance provisions (sections 80A to 80L) ● New reportable arrangement provisions (sections 80M to 80T) ● Taxation of sporting and recreational clubs ● New research and development deductions and allowances ● Tax amnesty for small business ● Advanced tax ruling system ● New personal service company provisions ● New provisions relating to public benefit organisations ● Changes in capital gains tax ● Changes in the restructuring rules ● Changes to the tax rates, thresholds and exemptions ● Changes to the rules relating to ‘controlled foreign companies’ ● New withholding tax for payments to non-resident entertainers and sportspersons.

The book is a useful summary, containing explanations, diagrams, examples, and lists. It is a distillation of the authors’ extensive experience in lecturing, consulting, and planning. It is an essential companion for the tax practitioner and planner, accountant, attorney, revenue officer, and student. It is being made available to existing subscribers for R345 (which includes door-to-door delivery – usually 2 to 3 business days - packaging and VAT).

The English version of the book is expected mid-January 2007, and the Afrikaans version mid-February.

You can also order online at www.hedron.co.za and make an electronic funds transfer into our account.

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