Tag ArchivesSARS

Ruaan-Van-Eeden1

Are higher taxes on wealthy South Africans justified?

Talk of a potential wealth tax in South Africa has re-ignited the debate on the taxation of high net-worth individuals (HNWIs). For many taxpayers around the world, progressive taxes – in which the more one earns, the higher the rate of taxation – contradicts the principal of equality. In fact, it is this thinking that […]

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budgettaxsq

South Africa performs ‘reasonably well’ in PwC tax report

Technology has reduced the tax compliance burden on business, but where will the demands for increased data lead? (more…)

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Michael_Yuille1

Who’s spying on your investments?

The Panama Papers and, more recently, the Paradise Papers have been cause for a few worried brows amongst the offshore investment world. Wealthy individuals who have used offshore jurisdictions such as Jersey, Guernsey and Mauritius as means to evade tax are finding themselves swimming naked as these hiding places are exposed and leaked information is […]

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Minister Malusi Gigaba

Minister of Finance requests setting up of inquiry into SARS

The Minister of Finance Malusi Gigaba has approached President Jacob Zuma for an urgent establishment of an inquiry into the tax administration and governance of the South African Revenue Service (SARS). The President has acceded to the request. In a statement this afternoon, the Minister said that the Commission will be established soon and its […]

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Mike Teuchert, National Head of Taxation at Mazars

Tax increases may not be enough

The possible tax increases hinted at during last week’s Medium Term Budget Policy Statement (MTBPS) are likely to do very little to decrease Treasury’s R50.8 billion revenue shortfall – and may in fact ensure that even less revenue is collected next year. (more…)

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Joon Chong,Webber Wentzel

TAX: Understatement penalties for gross negligence

By Joon Chong, Partner, Tax Practice and Hillary Botha, Candidate Attorney at Webber Wentzel The Tax Court handed down judgement on 18 August 2017 in the case of ABC Proprietary Limited v C: SARS. The case primarily deals with understatement penalties in respect of both Value-Added Tax (VAT) and income tax defaults, in terms of […]

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Figures announced by SARS for SVDPs

The South African Revenue Service (SARS) announced on Tuesday 10 October 2017, that with the close of the Special Voluntary Disclosure Programme (SVDP) on 31 August 2017, over 2,000 SDVP applications were made and a tax liability of R1,181,734,842 had been calculated. (more…)

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Will SA’s 183-day tax exemption rule be overturned?

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 […]

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