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Deposit of foreign income into South African bank account, is it taxable?

Posted 27 May 2016 under Tax Q&A


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Melvin says:
25 May 2016 at 9:14

If I am working outside the country and wanted to send a large sum of money as a deposit for property within South Africa what are the Tax implications if any. I believe that because it is a large sum of money that it would need to be declared to the South African Reserve Bank beforehand.

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TaxTim TaxTim says:
25 May 2016 at 10:30

Are you a South African citizen? How long have you been working out the country for?

Melvin says:
25 May 2016 at 10:36

Yes, I am and I have been out the country for more than the 183 days.

TaxTim TaxTim says:
27 May 2016 at 10:54

If you fulfill the requirements for your foreign income to be exempt from tax, then there won't be tax implications in South Africa. Work through our questions on the foreign income exemption requirements to be sure.


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