Taxation Update - Foreign Investment Allowances to be Increased...
In his maiden Budget Speech Nhlanhe Nene announced that with effect from 1 April 2015 the limits in respect of foreign investment allowances will be increased:
Corporate investment, as approved by authorised dealers, up to R1 billion per calendar year (up from R500 million)
South African residents foreign capital allowance
up to R10 million per single emigrant per calendar year (increased from R4 million)
up to R20 million per family unit per calendar year (up from R8 million)
In addition it was announced that various subcategories for the single discretionary allowance of R1 million will be removed. This will permit the allowance to be used for any legal purpose abroad.
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