The South African Revenue Service (SARS) has issued Interpretation Note 131 regarding the exemption of income relating to South African ships used in international shipping, which is dated 29 April 2024. The Note provides guidance on the interpretation and application of section 12Q, which provides for an exemption from normal tax, capital gains tax, dividends tax, and withholding tax on interest for an international shipping company meeting the requirements of the section. Section 12Q was inserted with effect from 1 April 2014 in order to promote the development of an efficient and productive South African maritime industry capable of competing...