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Categories
Category Archives: Tax
Exemption of foreign pensions in South Africa
Although there has been an increasing trend in recent times of emigrations from South Africa, there are many projects by the Department of Home Affairs to market South Africa as a friendly retirement destination for foreigners. The question, therefore, often … Continue reading
Posted in Tax
Tagged Department of Home Affairs, Income Tax Act, SARS
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Beware of scams during filing season
In late August 2020, a large credit bureau in South Africa was the target of a data breach where millions of private individual and company data records were compromised. This data leakage, coupled with the tax filing season, makes for the perfect opportunity for taxpayers’ information to be abused, subjecting taxpayers to potential financial loss. Scammers thrive on the inherent vulnerability … Continue reading
Employer reconciliation, third party declaration period opens
The interim employer reconciliation and third party declaration period is now open, the South African Revenue Service (Sars) said on Tuesday. On the Covid-19 Tax Relief Measures announced by the Minister of Finance earlier this year, Sars said this provided … Continue reading
Posted in Tax
Tagged Disaster Management Tax Relief Administration Bill, SARS, Unemployment Insurance Fund
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What you need to know about tax and work travel allowance in South Africa during Covid-19
Covid-19 has far-reaching effects for the South African taxpayer and, unbeknown to many, may be silently increasing their tax liability for the 2021 year of assessment. There is a causal link between travel allowances (and the same applies to company … Continue reading
Posted in Tax
Tagged COVID-19, South Africa, Tax, Travel
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Can Sars deduct tax debts from your bank account?
Section 179 of the Tax Administration Act, 2011 allows the South African Revenue Service (Sars) to issue a notice to a person who holds or owes money, including a pension, salary, wage or other remuneration, for or to a taxpayer, … Continue reading
All taxpayers beware – 10 points from SARS
On 5 May 2020, the commissioner for the South African Revenue Service (SARS) provided a detailed account of projected revenue collection in light of the Covid-19 crisis, along with insight of what we can expect from the tax collector in coming … Continue reading
Posted in Tax
Tagged Covid-19 crisis, Deeds Office, SARS
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Further tax measures to provide support
Finance Minister Tito Mboweni has provided more details on the second set of measures that are aimed at assisting individuals and businesses through the COVID-19 pandemic. “There is a critical need for government interventions to assist with job retention and … Continue reading
Posted in Tax
Tagged COVID-19, Finance Minister, National Treasury, SARS, Tax, Tito Mboweni
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Government increases tax-free cap on foreign income
The concept of emigration is to be replaced by a verification process. South Africans who are working and living abroad have been given some relief with a slight increase in the tax-free cap on their foreign earnings. National Treasury introduced … Continue reading
Posted in Tax
Tagged Foreign Income, South Africa, South African Reserve Bank, Tax, Taxpayer, Working Abroad
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The lockdown: Impact on tax and unemployment related matters
There is no relief for the submission of tax returns. The President of South Africa, Mr Cyril Ramaphosa, recently announced a 21-day lockdown period from midnight on Thursday, 26 March until midnight on Thursday, 16 April 2020 due to the … Continue reading
Budget 2020 highlights
“Ex Africa Semper aliquid novi,” winning requires hard work, focus, time, patience and resilience. Finance Minister Tito Mboweni delivered his National Budget Speech on 26 February 2020, leaving South African taxpayers pleased by the implementation of tax relief on personal income … Continue reading
Posted in Tax
Tagged Budget speech, Budget Speech 2020, Finances, SARS, South Africa, Tax, VAT
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