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Providing you with informed commentary on current developments in the local tax and business arena.
Tax First Newsletter
Our monthly analysis and comments on new law and administrative changes assist business executives to identify developments and trends in law and Inland Revenue practice that might impact their business.
Retrospective application of laws
Can tax legislation apply retrospectively?
Legislative uncertainty continues to pose challenges for taxpayers, particularly as the annual budget speech often introduces amendments to key tax laws. These changes are sometimes gazetted after their intended effective dates, leaving taxpayers with limited time to interpret and apply the new provisions.
For example, several amendments announced in the 2024 budget only appeared in the Government Gazette on 16 September 2024, yet were deemed effective from 1 January 2024.
This effectively created a retrospective application of the law. One notable impact was on the insurance industry, where the exemption from Non-Resident Shareholders’ Tax (NRST) was removed. Dividends had already been declared to non-residents under the assumption that the exemption still applied. However, once the legislation was gazetted with retrospective effect, insurers found themselves liable to withhold NRST on those dividends.
Download the newsletter to read more.
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Previous broadcast editions
7:41
Tax First Broadcast | December 2024
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Tax First Broadcast | April 2024
3:46
Tax First Broadcast | October 2024
2:09
Tax First Broadcast | February 2024
3:11
Tax First Broadcast | August 2023
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Tax First Broadcast | June 2024
3:47
Tax First Broadcast | October 2023
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