More amendments on the table to get SA off the grey list
One of the amendments will allow Sars to share taxpayer information with a wider range of government agencies.
Income Tax Act
Unravelling the tax challenges of implementing IFRS 17 in the insurance industry
Corporate tax experts Yacoob Jaffar and Shaficque Narker unpack some of their observations of the practical implementation challenges.
‘T-Day’ provident fund members ‘should have to opt in to two pots’
Organisations representing the retirement industry call attention to the ‘problematic’ provisions in the draft legislation for the two-pot retirement system.
Proposed change to FBE exemption ‘ignores the realities of global outsourcing’
The practical challenges associated with applying the amendment will make it difficult for SA multinationals to qualify for the tax exemption.
ConCourt will hear Coronation’s application for leave to appeal against R716m tax ruling
The outcome of the case could have far-reaching tax implications for SA companies with offshore operations.
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.
Clarity on anti-avoidance rules for low-interest or interest-free loans to trusts
The amendments encompass debt denominated in a foreign currency and the primary residence exclusion.
Treasury publishes retirement fund tax amendments for comment
One amendment will affect inter-fund transfers by members who have reached normal retirement age but who have opted not to retire.
Treasury moves to end ‘double dipping’ the TFSA and retirement fund tax exemptions
An anomaly in the Act results in the creation of two years of assessment during a single 12-month period when an individual ceases to be a tax resident.
‘Sensible ruling’ on the cession of a loan account to a special trust
Binding Private Ruling addresses the donations tax and CGT consequences resulting from the beneficiary of a special trust ceding his loan account against the trust to that trust.
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.
Former members of deregistered funds won’t pay tax on bulking payments
Exemption is the last opportunity to rectify the error, National Treasury says.
Treasury publishes draft legislation on renewable energy tax incentives
Grey areas remain when it comes to the rebate for residential solar panels.
Requirements for claiming a tax deduction for charity donations amended
Sars publishes a list of the additional information that must be included on the receipt.
Treasury to expand section 12B tax incentive for investing in renewables
And the bounce-back loan-guarantee scheme will be reworked to help small businesses finance renewable energy projects.
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.
