March 4, 2020

Tax liability in financial emigration

Section 9H of the Income Tax Act deals with matters relating to the cessation of residency in South Africa. This section essentially states that where a person that is a resident ceases to be a resident during any year of assessment, that person must be treated as having disposed of his assets on the date immediately prior to ceasing his residency, and re-acquiring the same assets on a date immediately thereafter. This is referred to as a “deemed disposal”. Similarly, the year of assessment will be deemed to have ended immediately prior to the cessation and to have started on […]
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