On 18 August, the window period to submit public comment on the South African Revenue Services (SARS) and National Treasury’s amended draft tax law proposal to overturn the 183-day tax exemption rule, closed. “Therefore, South African tax resident employees working outside South Africa (SA) in low-tax or tax-free jurisdictions like Mauritius, Singapore, Cayman Islands and […]
Tag ArchivesSARS
SARS working hard to swing perception and collect taxes
The media recently reported that the October 2017 Medium Term Budget Policy Statement (MTBPS) could hold nasty surprises for taxpayers on tax collection shortfalls. There have also been rumours of state capture spreading into more parts of government. As a result, one should consider SARS’ accountability, writes Ferdie Schneider, National Head of Tax, BDO South Africa. (more…)
Paying the taxman
By Paul Leonard CFP®, Regional Head: E Cape, Citadel. Tax season – the period during which you are required to submit your annual income tax return – started on 1 July and is now in full swing so I thought it would be interesting to look at how long we work for the taxman in […]
SARS: Last opportunity for clients to disclose their offshore assets
The current Special Voluntary Disclosure Programme (SVDP) for the disclosure of information about assets held offshore, which ends on 31 August 2017, is more significant than previous disclosure initiatives, and financial advisors should encourage their clients with offshore assets to participate. (more…)
TAX: Understatement penalties: what is a bona fide inadvertent error?
by Robyn Armstrong, Werksmans Attorneys. The Tax Administration Act No 28 of 2011 introduced the understatement penalty regime with effect from 1 October 2012. (more…)
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 […]
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…)
FPI receives SARS Recognised Controlling Body status
The Financial Planning Institute of Southern Africa (FPI); a South African Qualifications Authority (SAQA) recognised professional body; has recently been approved by the South Africa Revenue Services (SARS), in terms of Section 204A of the Tax Administration Act, as a Recognised Controlling Body (RCB). (more…)
