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Is foreign exchange taxable?

Posted 11 October 2013 under Tax Q&A


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I live and pay tax in Hong Kong. I want to send R1mil to SA to pay into a bond. I don't want SARS to take any of the money. Do they have any right to tax me again?
If I pay directly into the bond, I fear it will get lost in a foreign exchange holding account. But if I send to my current account and then transfer I have more control in clearing it.
What do you suggest?

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TaxTim TaxTim says:
14 October 2013 at 10:17

If you are not paying tax in SA because you are either a non-resident or not earning in SA or exempt from paying tax due to employment then sending money to SA to pay off your bond will not be taxable and can be done either by transferring to your own account or directly into the bond.


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