Many people are baffled by tax and often terrified by any mention of SARS and tax returns. (more…)
Tag ArchivesSARS
Cryptocurrencies and tax – what you need to know
By Doelie Lessing, tax director at Werksmans Attorneys. The advent of cryptocurrencies, and in particular the substantial gains that are associated with investments in cryptocurrencies, caught the attention and interest of the world – and not least of all, that of the taxman. Because where money abounds, tax is normally to be collected. (more…)
SARS’ clarity on understatement penalties and consequences for taxpayers
By Brigitte Zegwaard, Senior tax consultant, BDO. On 28 March 2018, SARS released a guide on understatement penalties (the SARS Guide). The SARS Guide is welcomed and provides practical guidance on how SARS determines the amount of the penalty to be imposed and the various factors it must consider when doing so. This is of […]
Advice for provisional taxpayers who have missed the tax deadline
Are you a provisional taxpayer who recently awoke in the dead of night in a cold sweat with the realisation that you missed the 28 February 2018 provisional tax deadline? Or do you have a sinking feeling that you should have submitted a provisional return but didn’t? Either way, burying your head in the sand […]
New global tax reporting requirements for SA multinationals
By Simone Esch, senior tax advisor, Bowmans Over 100 countries, including South Africa, are implementing stringent new reporting requirements to ensure that multinational companies’ profits are taxed in the jurisdictions where they are generated. Companies affected by the new transfer pricing and reporting requirements should waste no time in ensuring their compliance. South Africa has […]
SARS collects R1 216.6 billion in the financial year 2017/18
The South African Revenue Service collected an amount of R1 216.6 billion in the financial year 2017/18. This was announced today at a press conference by the Minister of Finance, Nhlanhla Nene. “It should be noted that these are preliminary results, which will be subject to final audit. The preliminary result is very close within 0.06% […]
VAT rate increase and the impact on the short-term insurance industry
By Yusuf Bodiat, Lion of Africa Insurance. Value-added tax (VAT) was introduced in South Africa in September 1991 to replace General Sales Tax (GST) as an indirect tax. VAT was imposed at a statutory rate of 10%, and then increased to 14% in 1993. Since then, the rate of the tax charge has not changed, until […]
Still time to take advantage of Section 12J
The Section 12J tax dispensation is finally attracting investors, after several years of being a wallflower. According to SARS, for the tax year ending 28 February 2017, 724 investors took advantage of the incentive. This was a substantial increase compared to the 34 and 272 individuals for the 2015 and 2016 tax years respectively. Based […]
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Final countdown to Old Mutual Limited listing on African stock exchanges
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SARB QB: Current account deficit pushed to highest level in 2 years
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Reaction to NHI proposals following the Minister’s comments today
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SARB Quarterly Bulletin: Personal finances deteriorate in Q1
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Market conditions starting to favour active managers
