COMPLY WITH DIRECTIVE 7 BY FRIDAY OR FACE THE CONSEQUENCES, SAYS FIC

Accountable institutions that ignore Directive 7 and fail to submit a risk and compliance return (RCR) by Friday face being sanctioned by the Financial Intelligence Centre (FIC).

Tax professionals ‘should prepare for more major shifts in SA’s tax system’

The compliance landscape has shifted from ticking the boxes to risk anticipation, risk identification, and proper disclosure.

Treasury makes some concessions on drastic tax proposals

Update on draft legislation: the requirement for foreign employers to withhold PAYE, Practice Note 31, and the foreign business establishment exemption.

An enforceable restraint of trade – what the court considers

The Labour Court upholds a two-year restraint in a case involving two wealth management companies.

Uncertainty over ‘place of supply’ rules for cross-border transactions

Place of supply rules are becoming more important as transactions become increasingly digital and supply chains become more complex.

‘Major disruptions’ ahead for vendors as Sars modernises its VAT administration framework

Vendors may have to acquire new software to be able to communicate with the Sars systems, or they may have to adjust their existing systems.

Income distributions to non-resident beneficiaries may be taxed twice

An amendment to the Income Tax Act makes it easier for Sars to collect taxes owed by tax non-resident beneficiaries of South African trusts.

Potential threat to South Africans who earn an income from foreign employers

A proposed amendment to the Income Tax Act will require foreign employers to withhold employees’ taxes.

Tax law change may shrink SA multinationals’ global footprint

The Supreme Court of Appeal’s judgment in the Coronation case finds its way into proposed amendments to the ‘controlled foreign company’ rules.

Here are your options if you owe Sars money

Choosing the wrong one could close the door to the dispute resolution process.

Sars has its eye on the application of attribution rules in trusts

Trusts that have failed to comply with the rules are exposed to penalties and fines.

Understand when tax is triggered on crypto assets

Clarity on when a gain is considered revenue or capital.

What the ConCourt’s decision means for the confidentiality of your tax records

There is still a high threshold to meet before access to an individual’s tax records will be granted.

What you should know about objecting to VAT penalties

Meanwhile, a change in the VAT registration process may inconvenience taxpayers.

New tax clearance process for emigration and remittance of funds abroad

‘The new process comes down to more detailed and targeted requests for information regarding exit capital.’

More, mostly positive, changes to enhance the alternative dispute resolution process

Questions remain whether the automation of certain procedures will have the desired results.