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Draft tax amendment bills published for public comment

National Treasury and SARS published the 2017 Draft Taxation Laws Amendment Bill (TLAB) and the 2017 Draft Tax Administration Laws Amendment Bill (TALAB) earlier this week. The 2017 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill (Rates Bill) was published on Budget Day. This suite of draft bills should give effect to […]

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taxsmall

Top Signs of an Unreliable Tax Return Preparer

In these troubled economic times, some are seeking to earn extra earnings as tax return preparers despite their lack of training and experience, says the SA Institute of Tax Professionals. Others are seeking to use their so-called expertise to defraud SARS and / or you as the client. (more…)

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budgettaxsq

Tax transgressions and pitfalls

SARS is committed to stamping out tax crime in South Africa, according to Ilsa Groenewald, Associate Director for tax at the Durban office of BDO South Africa, the audit, advisory and tax firm. Here, she reviews tax morality, common transgressions, and pitfalls. (more…)

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Tax Season 2017 Now Open

Tax Season 2017 officially opened on Saturday, 1 July 2017 for eFilers, and today for branch filers. Taxpayers can now commence completing and submitting their 2017 personal income tax returns for the 2016/17 tax year. (more…)

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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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