USD Trading fees: Fees are charged at 0.4% (excl. VAT), with a minimum transaction fee of $1.99 (incl. VAT).
GBP Trading fees: Fees are charged at 0.4% (excl. VAT), with a minimum transaction fee of £2.49 (incl. VAT).
EUR Trading fees: Fees are charged at 0.4% (excl. VAT), with a minimum transaction fee of €2.49 (incl. VAT).
Safe custody fees: Shyft charges a monthly safe custody fee of 0.2% annually for maintaining and looking after your shares. The fee is automatically deducted from your USD wallet, which may go into a negative balance if insufficient funds are available. This is offset against your next deposit or when you sell your shares.
VAT: New legislation in respect of VAT has been put into effect. Services rendered on offshore equities to a resident (which were previously zero-rated) will now be subject to VAT at the current prevailing rate of 15%.
In terms of the 2017 Taxation Laws Amendment Bill, which was tabled in Parliament on 25 October 2017, the Value-Added Tax Act No.89 of 1991 (the “Act”) was amended to specifically exclude debt securities, equity securities or participatory securities from the zero-rating provisions of Section 11(2)(g)(i) of the Act. As of 1 April 2018, services rendered to a resident of the Republic of South Africa on debt securities, equity securities or participatory securities situated in any export country will be subject to VAT.
Please note that VAT will be levied on ALL applicable fees and charges effective 1 April 2018.
The Internal Revenue Service (IRS), the United States tax agency, requires a W-8BEN form for reporting purposes. It is required as you are trading in American-based shares. Shyft submits this information on your behalf.
Yes, you can! Your order will remain pending until the market reopens. Prices displayed when the markets are closed are projections. Pending shares will be processed at the market-open price.