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Tag Archives | SARS

Tax implications of cryptocurrency transactions

Tax implications of cryptocurrency transactions

“SARS is tightening tax collection on cryptocurrency transactions, which makes it important to distinguish between events that will trigger income tax rates or CGT rates.” Thus notes Webber Wentzel’s Joon Chong and Lumen Moolman in an article titled No Doge-ing the tax bill on cryptocurrency transactions. Below is an abbreviated summary. The South African Revenue […]

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SARS: Tax dodgers can run, but can’t hide

So called high-net-worth-individuals came under the spotlight during the announcement by  the South African Revenue Service (SARS) of its preliminary revenue results on 1 April 2021 after a year of National COVID-19 lockdown regulations. “The extra out-of-ordinary pandemic circumstances changed the economic landscape and the way SARS operates to collect the tax revenue due. The […]

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SARS closing loopholes for high-net-worth individuals

“The days of wealthy taxpayers’ tax compliance status not being fully tested by SARS are well and truly over,” Peter Dachs, head of ENSafrica’s tax department writes in Business Day. According to SARS commissioner Edward Kieswetter, improved tax collection and administration “continues to be an important element in achieving fiscal consolidation as SARS continues to […]

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Tax

Tax complaints – Who to turn to

The role of the Tax Ombud (OTO) is to review taxpayers’ complaints against SARS and help resolve them through mediation or conciliation. OTO’s CEO, Prof Thabo Legwaila, recently reiterated the importance of fairness in tax collection and the independent role his office plays in the resolution of taxpayers’ complaints against SARS when he launched its […]

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Tax

Common errors with tax returns – SARS taking a tough stance on submissions

Various recent media reports commented on the planned changes to the tax legislation which could see common errors on tax returns resulting in jail time. “New draft legislation seeks to scrap the concept of “intention” from tax crimes – this means the prosecutors don’t have to prove that you wilfully broke the law, and the […]

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SARS eFiling deadline – The clock is ticking

The deadline for non-provisional taxpayers to file their tax return is just around the corner. Taxpayers have until 4 December to submit their return and avoid unwanted penalties and interest. SARS recently announced that it will be clamping down on taxpayers who miss the deadline to submit their tax return. “Should the extended electronic filing period […]

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