In an effort to promote South Africa as an ideal shipping centre, the government has proposed to introduce a new tax regime providing tax exemption for international shipping companies. The proposal is contained in the Draft Taxation Laws Amendment Bill. The maximum rates of withholding tax are:In the main, the regime will exempt qualifying shipping entities from income tax, capital gains tax, dividends tax, and withholding tax on interest. Officers and crew of the South African flagged ships designed for international traffic will be wholly exempt from tax without regard to the number of days spent abroad. The new tax...