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taxrefunda

New improvements to SARS dispute management process will help taxpayers

Taxpayers who disagree with SARS on any matter – whether it is income tax or VAT – will welcome changes to the service’s dispute management process which were introduced on 15 May 2017. This is according to Ilsa Groenewald, Associate Director for tax at the Durban office of international audit, tax and advisory firm, BDO […]

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budgettaxsq

SARS to crack down on multinational companies

Medium and large businesses with multinational ties will soon have to start supplying the South African Revenue Service (SARS) with more detailed reports of their relationships and transactions with entities residing in other countries. SARS has beefed up its Transfer Pricing Division and is now actively involved in the international initiative to stop base erosion […]

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taxrefunda

Sars announces preliminary outcome of revenue collections 2016/17

For the second year in a row, SARS broke the Trillion Rand mark collecting, in gross terms, R1.367 trillion. The preliminary outcome for the 2016/17 financial year, net of refunds of R222.4 billion, is therefore R1.144 trillion.  This outcome is fractionally (only R300 000) above the revised estimate as announced in the 2017 Budget. (more…)

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Pravin Gordhan

Your tax bill is about to become more than a little taxing

Wealthy taxpayers were left gasping when Finance Minister Pravin Gordhan announced in parliament during his 2017/18 Budget Speech an increase in their marginal rate of tax by four full percentage points. (more…)

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Former Finance Minister Pravin Gordhan

The confusion around dividend withholding tax

In the 2017 Budget Speech, Finance Minister Pravin Gordhan announced an increase in the dividend withholding tax rate (DWT) from 15% to 20%, a measure which could have a far-reaching impact not only on the corporate community, but also on the South African economy. (more…)

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American flag

IRS can revoke Americans’ passports for unpaid taxes

It’s not just citizens of seven Muslim-majority countries who are facing a U.S.-enforced travel ban. Under new rules, American citizens too could soon be banned from travelling by having their passports revoked for unpaid taxes, warns the boss of one of the world’s largest independent financial advisory organizations. (more…)

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Tertius Troost1

The calm before the storm

With just weeks to go before the 2017 Budget Speech, attention is shifting to possible tax amendments expected to be implemented in the new tax year, says Tertius Troost, Tax consultant at Mazars. (more…)

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calendar

Your moneywise calendar for a savvy 2017

The start of the New Year is the perfect time to implement some meaningful resolutions to seize control of your finances. (more…)

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