Forex and Interest
Overview
Joined by Carmen Westermeyer, she navigated the intricate landscape of income tax treatment for foreign exchange gains and losses. We took a practical look at the impact of having interest charged in a foreign currency, which was important in a world where remote work and emigration had become burning issues for your clients.
Section 24I of the Income Tax Act 58 of 1962 governed the income tax treatment of foreign exchange gains and losses on exchange items as well as premiums or like consideration received or paid in respect of forward exchange contracts (FEC) and forward currency option contracts (FCOC).
Section 24J of the Act allowed taxpayers to claim a deduction specifically for interest expenditure.
Webinar Content
- Understanding the application of s24I and s24J
- How do these sections interact with each other and s25D?
- Why not recognise interest on payment?
- CGT consequences in respect of the reduction of debt
- Taking interest withholding tax into account
Competencies Developed in this Webinar
- Understanding the definitions of important concepts related to foreign exchange and interest
- Gain insights into the fundamentals of foreign exchange and how it impacts your and your clients’ financial landscape.
- Clear comprehension of the latest tax regulations governing foreign exchange gains and losses, ensuring compliance, and minimizing your clients’ risks.
- The ability to apply practical strategies for managing foreign exchange transactions to optimize your clients’ tax outcomes.
- Strategies for managing foreign exchange transactions to optimize your clients’ tax outcomes.
Presenter
Carmen Westermeyer
BCom(Honours Accounting) [UND] CA(SA)
Carmen Westermeyer graduated in 2001 from the University of Natal, Durban (now UKZN), with a BCom Honours degree in Accounting and completed her articles with PwC, where she remained until 2006. She has been a member of SAICA since then.
In 2008, she started her academic career at UKZN, where she performed a number of functions, taking on the role of Academic Leader for Taxation. On leaving academia in 2013, Carmen has been providing training and consulting services to the profession. She has presented on behalf of various professional bodies, such as SAICA, FASSET, CSSA as well as providing in-house training to numerous accounting firms. The topics covered include all aspects of income tax, VAT, estate duty as well as the health levy (sugar tax). In addition, she regularly consults on tax matters as well as assisting with SARS disputes.
She is also the Chair of the SAICA Eastern Region Tax Committee, a member of the SAICA National Tax Operations Committee and is an Accounting Member of the Tax Court.
CPD
Attending this webinar and the successful completion of the online assessment will secure a certificate of completion for 2 hours of Tax CPD.
Event Investment
Free for Tax Technicians, Tax Practitioner, Tax Accountant CPD subscribers and Practice Packages. Not a CPD subscriber yet? Click here to register now.
- Regular price: R460.00
- Special rate for SAIT members: R368.00
- Group booking discounts available when you register for a group.
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