Answer to Question #206302 in Economics for Lisa

Question

Which part of the south african tax administration act gives authority to reassess tax payers in certain circumstances

Answer 1

Estate duty is the name for inheritance tax in South Africa, which is a property tax payable on all estates with a net worth in excess of R3,500,000. The tax rate in South Africa for estate duty is 20% of properties worth up to R30 million and is 25% of properties worth more than this.

The South African government has agreements to avoid double death duties with Botswana, Lesotho, Swaziland, Sweden, the United Kingdom, the United States, and Zimbabwe.