The second provisional return for the tax year 1 March 2018 till 28 February 2019 is ‘backward looking’, says Marc Sevitz, co-founder of TaxTim. (more…)
Tag ArchivesSARS
Save money by topping-up your retirement annuity – or by investing today
As the end of the South African tax year approaches, you have the opportunity to get a contribution to your retirement savings from the government. One way to do so is by topping up your retirement annuity (RA) or by investing in a new RA if you haven’t yet. Not only will you reduce your […]
Test for a simulated transaction avoiding the payment of tax
By Patrick Bracher, Norton Rose Fulbright. A transaction is not necessarily a disguised one because it is devised for the purpose of avoiding liability for tax. If the parties honestly intend the contract to have the effect stated in the contract then the only question is whether there is liability for the tax or not. […]
New research on profit shifting and corporate tax avoidance
The largest 10% of multinationals are associated with as much as 98% of an estimated R7 billion tax loss. A new SA-TIED research study estimates that South Africa loses about 7 billion ZAR a year due to profit shifting by multinational corporations; amounting to about 4% of total current corporate income tax receipts. While this […]
Pain relief for taxpayers
By Brett Cameron, Customer Solutions Manager, Old Mutual. What’s in the news? As the year’s income tax submission deadline draws closer, there is growing concern that the South African Revenue Service (SARS) may fail to meet its tax collection targets for the year. According to the recent Tax Indaba, about 40% of outstanding taxes may […]
VBS curator reduces costs of the Bank
Over the past months, the curator of VBS Mutual Bank, Mr Anoosh Rooplal, has had to reduce all non critical costs in an attempt to align cash inflows with the cash outflows. Cash expenses have been exceeding cash income earned by the mutual bank. (more…)
What SMMEs need to know about compliance
Large multinational companies have been dominating the news for all the wrong reasons lately. Anne-Marie Pretorius, MD at consulting firm Bizmod says that many of these organisations’ issues can be attributed to weak processes and inadequate corporate governance and compliance policies. (more…)
Why you should inform SARS that you’re emigrating
A growing number of South African expatriates risk falling foul of local tax laws because they don’t understand the concept of financial emigration, and therefore don’t act on it. (more…)
