Tax Consequences of Offshore Transactions – Overview for Individuals

The aim of this session is to break down the core concepts of international transactions into simple language for individuals. This session will cover:

• The concept of residence: When a person is "resident" or "non-resident" for tax purposes

• How a non-resident is taxed in South Africa

• Withholding taxes levied in South Africa

• How residents are taxed on worldwide income

• Residents working abroad

• Foreign interest

• Foreign dividends

• Offshore businesses

• Brief overview of controlled foreign companies

• Relief for double taxation Double tax agreements

• Exemptions

• Foreign tax rebate

• Tax consequences when a person ceases to be a South African tax resident.