Corporate Income Tax
South Africa: Dividends tax rate increased from 10% to 15% By Ide Louw
The Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2012 (the Rates Act) was promulgated into law in terms of the Government Gazette No. 35775 dated 9 October 2012 (the Gazette states that it was assented to by the President on 5 October 2012).
The significance of the promulgation of this Rates Act is that it contains, inter alia, an increase in the dividends tax rate from 10% to 15% (the effective date is backdated to 1 April 2012).
This date is of key importance from a US GAAP perspective.
