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  • Botswana - Increase in tax exemption for certain lumpsums payments

    Botswana has enacted/promulgated the Income Tax Amendment Act of 2024, effective 15 January 2024. The amendments increase the tax exemption from one third to 50% for certain lumpsums received by an employee, below is summary of the changes: Gratuity…

  • SARS Notice - Lump sum not on ITR12 due to different 'year of assessment'

    Please take note of the below SARS notice. https://www.sars.gov.za/whats-new-at-sars/ Background: ‘Transaction year’ (code 2030) refers to the tax year during which the employer deducted and paid employees’ tax in respect of remuneration paid…

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