🖐 Cliffe Dekker Hofmeyr - Government to introduce a gambling tax

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Do I have to pay tax on my online casino winnings in South Africa? There is no simple answer on this. Read more.


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Should I pay tax on my gambling profits or Lotto winnings? - Jy en die RegJy en die Reg
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What you need to know about the taxes on your casino winnings

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Well here's some good news for you; any prize money that you win from the national lottery in South Africa will be considered as capital and you.


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Tax on Lottery Winnings. Simply put: there is no tax to pay on lottery prizes won in South Africa. Any amount of money won in a lottery is considered capital.


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Tax on Lottery Winnings. Simply put: there is no tax to pay on lottery prizes won in South Africa. Any amount of money won in a lottery is considered capital.


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The winner came forward on Tuesday to claim the PowerBall prize from the is authorised by, and conducted in terms of, the laws of South Africa. "which may in future lead to additional tax considerations on gambling winnings". Session ID: f3a0e83ef3d6bd94b7fbc Player Element ID.


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Well here's some good news for you; any prize money that you win from the national lottery in South Africa will be considered as capital and you.


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The South African Revenue Service has been exploring the possibility of implementing a form of taxation on gambling winnings since the Minister of Finance's.


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A: Generally, lottery winnings would be considered capital in nature and would not be subject to normal tax in South Africa. However, you would.


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Do I have to pay tax on my online casino winnings in South Africa? There is no simple answer on this. Read more.


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Guide to IRS Form W-2G Certain Gambling Winnings - TurboTax Tax Tip Video

See more. Get Breaking News Updates.{/INSERTKEYS}{/PARAGRAPH} The Department of Water and Sanitation will conduct a virtual celebration of the Clear Rivers campaign. Gordhan added that the increase should not impact on electricity tariffs, as it has already been taken into account in the National Energy Regulator's approved tariff structure. With a view to protecting workers' savings, it is proposed that the one-third lump-sum withdrawal limit applicable to pension and retirement annuity funds should also apply to provident funds. From March , an employer's contribution will be treated as a taxable fringe benefit, and employees will be allowed to deduct up to A maximum of R a year will be deductible. South African Government News 2 hours ago. SA News on Facebook. Tax-deductible contributions to medical schemes and those for qualifying out-of-pocket medical expenses will be converted into tax credits with effect from March The minister also proposed changes to the tax treatment and administration of contributions to retirement funds and added that the National Treasury would hold extensive consultation on the matter. South African Government News 1 hour ago. Taxes on tobacco products will increase between 6 percent and Gordhan said the ad valorem excise tax on new motor vehicles would remain unchanged below a purchase price of R For vehicles above R , the tax rate will increase to a maximum of 25 percent, from 20 percent at present. The teacher was caught on a video that went viral on social media, allegedly assaulting two women. Media are welcome to utilise all stories, pictures and other material on this site as well as from our Facebook and Twitter accounts, at no cost. Gordhan said the National Treasury is exploring the possibility of incentivised savings schemes for housing or for education as alternatives to this exemption. Order Asc Desc. He said the tax on gambling is in line with practices in other countries such as the US, and added that he hoped it would discourage excessive gambling. Presenting a budget which will see individuals receive moderate tax relief amounting to R8. News Editor Janine Arcangeli janine gcis. COVID cases exceed Heavy fine imposed on Durban company. {PARAGRAPH}{INSERTKEYS}Cape Town - Those who rake in gambling winnings of over R25 , including payouts from the National Lottery, will from next year have to pay a 15 percent withholding tax, the Minister of Finance Pravin Gordhan announced in his Budget Speech on Wednesday. Every year in July, South Africa commemorates South African Government News 23 hours ago. South African Government News 31 minutes ago. Editor Roze Moodley roze gcis. Home Affairs welcomes arrest of former employee. Skip to main content. Other indirect taxes which will increase are: -The general fuel levy, which will increase by 10c a litre on both petrol and diesel on April 6 -The Road Accident Fund levy will be increased by 8c, to 80c a litre -Increases will take effect on October 1 in the air passenger departure tax on flights to international destinations -The levy on electricity generated from non-renewable and nuclear energy sources will increase by 0. The tax-free lump sum benefit upon retirement will increase from R to R Share this post:. South African Government News 21 hours ago. The Department of Social Development says it has noted the High Court ruling on Monday that all private preschools and Early Childhood Development centres ECD may open with immediate effect, provided they maintain safety measures. The proposals include treatment of employer contributions as a fringe benefit, limits on tax deductible contributions and alignment of the tax treatment of provident and pension funds. Gordhan also proposed a third rebate of R2 per year, increasing the tax threshold for taxpayers aged 75 and older to R Annual tax-free interest income for those below 65 years old would increase to R22 , and to R33 for individuals 65 years and over. Excise duties on alcoholic beverages will be increased by between 4. Sort by Relevance Date. Turning to individual tax relief, Gordhan announced a rise in the threshold at which income tax becomes payable, from R57 to R59 for taxpayers below age 65, and R93 for those 65 and older.