More, mostly positive, changes to enhance the alternative dispute resolution process
Questions remain whether the automation of certain procedures will have the desired results.
Author: Amanda Visser
Beneficial practices for taxpayers and tax practitioners remain … for now
They concern two deductions: non-business-related interest expenses and fees paid to tax practitioners for completing tax returns.
What are the statutory obligations of dormant companies?
A failure to file tax returns may result in penalties, for which the directors may be held personally liable.
Trusts are facing a multitude of new reporting requirements
Trustees will have to report directly to Sars, outside of the current trust tax return process, and before the trust tax return is due.
Treasury ‘needs to adjust’ Budget predictions following SA’s grey-listing
Grey-listing reduces a country’s GDP growth by between 0.5% and 1.5%, says economist Iraj Abedian.
Individual policyholder funds with assessed losses face higher tax bill
How the limitation on setting off assessed losses against taxable income affects life insurers and policyholders.
Disputes with Sars: can you raise new grounds of objection?
Taxpayers should formulate comprehensive grounds of objection and appeal from the beginning of the dispute resolution process.
Changes to Trust Property Control Act may be overturned by the courts
One of the unforeseen consequences could be the premature acquisition of rights.
Is ‘bona fide inadvertent error’ a good defence when you’re slapped with an understatement penalty?
The Supreme Court of Appeal and the SA Revenue Service have different views on what exactly this term means.
Bad-debt relief for tax purposes is possible without legal proceedings
The two core components that must be met to claim a bad-debt write-off from Sars
Tax change may increase the real cost of debt for credit providers
Companies that incur finance charges should also take note of a recent court case regarding the tax treatment of related or similar finance charges.
Important expenses not factored into the medium-term budget
A major concern is the contingent liability guarantees of municipalities and some of the state-owned enterprises.
Trusts under the magnifying glass of local and international financial watchdogs
If a trust is not valid, the trustees can be held personally liable for any taxes related to the trust activities.
More clarity required for an efficient voluntary disclosure programme
The South African Revenue Service (Sars) collected an additional R3 billion through its voluntary disclosure programme (VDP) and prevented tax leakage of another R865 million during the 2021 tax year. However, the latest […]
Sars ruling highlights need to understand implications of investing in hybrid offshore pension products
South Africans are increasingly mobile, either working abroad, staying abroad for extended periods, or opting to retire outside of South Africa. This has increased the focus on foreign pension products because South African […]
Limitation on set-off of assessed losses may increase companies’ cash-flow burden
The limitation on companies setting off any assessed losses against taxable income is about to hit home. Companies that are making a loss will have to find the cash to pay tax on […]
Failure to update tax law is bad news for employees trying to claim home office expenses
Many taxpayers will again hit a wall when trying to claim any home office expenses during the current tax filing season, despite having worked mainly from home since the start of the Covid-19 […]
