Trust Taxation and Non-resident Beneficiaries
Kent Karro
In February/March 2023, in the Minister of Finance Budget presentation, a new regime was proposed for the taxation of trusts with non-resident beneficiaries.
It is now promulgated and part of our law that, with effect from 1 March 2024, any income and capital gains awarded to non-resident beneficiaries will not be taxed in South Africa in the hands of those beneficiaries but instead, in the hands of the Trust itself.
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