South Africa

Gross income (i.e. total receipts and accruals less receipts and accruals of a capital nature)

Less: Exempt income

Less: Deductions and allowances

Add: Taxable capital gains (40% of the sum of realised gains, less capital losses and annual exclusion)

Equals: Taxable income

Multiply: Tax rate according to the tax bracket

Less: Rebates

Equals: Tax payable