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Categories
Category Archives: Tax
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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Everything you’ll ever need to know about death and taxes in South Africa
In South Africa, like in most countries, death and taxes go together in the form of inheritance taxes. These are taxes that the deceased estate has to pay, in addition to the personal tax of the deceased person for their … Continue reading
Posted in Tax
Tagged Capital Gains Tax, Estate Duty, Tax, Taxes, The Income Tax Act
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Expat tax exemptions: No double taxation
On 1 March 2020, an amendment to the foreign employment income exemption comes into operation. There have been misperceptions about those expatriates that will be affected by this change to the tax law. Currently the exemption applies to South African … Continue reading
Posted in Tax
Tagged Expatriates, Income Tax Act, South African tax residents
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Complexities of loans between related parties
Loans between related parties are a common occurrence in the SME business environment. These loans arise due to various reasons, such as assets being sold on loan account; money being drawn out, trust distributions made or dividends declared on loan … Continue reading
Posted in Tax
Tagged Income Tax Act, SARS, SME business
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Tax free investment savings accounts
Our clients will have noted the various advertisements on radio and in the media generally of financial service providers inviting the public to invest in their respective so-called ‘tax free savings’ investment products. These accounts are made possible by section 12T of the … Continue reading
Posted in Tax
Tagged Financial Services Board, Income Tax Act, National Treasury
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Changes to bad debt allowance
Most South African businesses are at some point in time exposed to credit risk in the form of bad debts. Although taxpayers would undoubtedly prefer to recover the debts, the Income Tax Act[1] provides for some relief in cases where debts … Continue reading
Posted in Tax
Tagged Draft Taxation Laws Amendment Bill 2018, IFRS, Income Tax Act
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