Category Archives: Tax

SARS SCAMS

Education and awareness around identity theft, phishing and other frauds have become part of life globally. If nothing else, scamsters are innovative and keep trying new avenues of defrauding businesses and individuals. In South Africa, this is no exception, and … Continue reading

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HERE’S WHO IS PAYING SOUTH AFRICA’S TAX

National Treasury and the South African Revenue Service (SARS) have published tax statistics showing that for the first time since the 2008 global financial crisis, tax revenue growth did not exceed GDP growth. Despite tough economic conditions in which real … Continue reading

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FORM REQUIREMENTS FOR OBJECTIONS

Dispute resolution with the South African Revenue Service (SARS) generally has a two-pronged approach. Firstly, taxpayers must present their case on the merits – this will include the factual basis and background that has led to the dispute. Secondly, and … Continue reading

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RING-FENCING OF ASSESSED LOSSES OF CERTAIN TRADES – PART 2

Section 20A of the Income Tax Act[1]ring-fences losses incurred by natural persons from certain trades under specific circumstances. If applicable, the natural person will not be able to set off the loss incurred from that trade against the income from … Continue reading

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WHAT SOUTH AFRICANS NEED TO KNOW ABOUT TAX AND THEIR FINANCES BEFORE EMIGRATING

While South African citizens temporarily working overseas are still subject to South African tax laws, individuals who wish to permanently emigrate to a new country need to ensure that they follow the correct steps to enable them to take their … Continue reading

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ADMIN PENALTIES FOR OUTSTANDING CORPORATE INCOME TAX RETURNS

In general, all registered companies must submit corporate income tax (“CIT”) returns within 12 months of the end of the company’s financial year-end. This is applicable to all companies that are resident in South Africa, that receive source income in … Continue reading

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SARS INTEREST ON PROVISIONAL TAX

As with various other business transactions, taxes in their various forms also attract interest, either payable by the taxpayer to SARS, or due to the taxpayer from SARS. Apart from knowing which of the various SARS interest rates are applicable … Continue reading

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NON-COMPLIANT COMPANIES WILL FEEL THE PAIN FROM SARS FROM DECEMBER

The South African Revenue Service (SARS) will be using information supplied by the Companies and Intellectual Property Commission (CIPC) to determine which companies are not tax compliant and impose penalties accordingly, from 7 December 2018. ?bacho12345 123rf.com The national revenue collector … Continue reading

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TAX ON RETIREMENT LUMP SUMS

Determining the tax consequences in respect of any lump sum benefits from retirement funds can be complex and various legislative changes have been incorporated over the last few years, to regulate and align the tax treatment of these benefits. Lump … Continue reading

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ADMINISTRATIVE PENALTIES FOR CORPORATE INCOME TAX (CIT) TO BE IMPOSED

Dear Taxpayer SARS will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns. Administrative penalties will be imposed on companies that receive a final demand to submit a return. In terms of Section 210 of … Continue reading

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