Forex and Interest: A focus on Section 24I and 24J


Duration: 2 Hours

Price: R195.00

Video Type: Single

Presenter: Carmen Westermeyer
BCom (Honours Accounting) [UND] CA(SA)

International Tax

International Tax
...

Forex and Interest: A focus on Section 24I and 24J

Duration: 2 hours

Price: R195.00


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Title / Topic

Forex and Interest: A focus on Section 24I and 24J

Presenters : Carmen Westermeyer


Overview

Join Carmen Westermeyer as she navigates the intricate landscape of income tax treatment for foreign exchange gains and losses. We’ll take a practical look at the impact of having interest charged in a foreign currency, important in a world where remote work and emigration have become burning issues for your clients.

Section 24I of the Income Tax Act 58 of 1962 governs 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 exchanges contacts (FEC), and forward currency option contracts (FCOC).

Section 24J of the Act allows taxpayers to claim a deduction specifically for interest expenditure.


Video Content

  • Understanding the application of s24I and s24J
  • How do these sections interact with each other and s25D?
  • Why not recognize interest on payment?
  • CGT consequences in respect of the reduction of debt
  • Taking interest withholding tax into account

Competencies developed in this video

  • 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.

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