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Hello, I am a non-resident for tax purposes in South Africa

Hello, I am a non-resident...
Hello,
I am a non-resident for tax purposes in South Africa (I haven't formally emigrated, however I spend only about 2 weeks a year in the country).
I have cash in a savings account in South Africa that attracts interest, is this interest included as part of my taxable income?
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Answered in 11 hours by:
5/1/2010
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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HiCustomerbr />
Thank you for using justanswer. Interest paid to non-residents (other than those who are residents of Lesotho, Namibia and Swaziland) is generally exempt from tax. In order to qualify, a non-resident must be in South Africa less than 183 days in order to keep this income exempt, so based on the facts above, you would not need to report this income to South Africa.

If you are a US citizen, green card holder, or Resident Alien for US tax purposes however, you will need to include this as part of your world wide income on your US tax return.

Please see below for more in depth information: (you will need to copy and paste the below link into your web browser:

http://www.justlanded.com/english/South-Africa/South-Africa-Guide/Money/Income-tax

I hope this helps.

Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Verified
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