With SARS tightening crypto enforcement, taxpayers should review their past filings, ensure accurate reporting of crypto profits, and consider the Voluntary Disclosure Programme to avoid severe penalties and interest.
In September, Sanlam received more than 83 000 withdrawal claims, with most coming from members aged 35 to 44, many of whom had a replacement ratio below 50%.
SARS has processed more than 1.2 million tax directives for savings component withdrawals, paying out R21.4 billion to fund members.
Expert legal interpretations, even if contrary to SARS’s stance, may not automatically result in understatement penalties.
Among other measures, SARS says it is engaging with the FSCA about providing information on registered crypto asset service providers.
The court’s interpretation and application of the conduit principle has implications for structures involving layers of multiple discretionary trusts.
The tax dispute between ABD and SARS highlights the complexity of IP royalty pricing and the importance of expert testimony in transfer pricing audits.
The tax structure aims to be progressive, with low-income earners paying little to no tax on withdrawals, while high earners are taxed more.
The Organisation Undoing Tax Abuse highlights the need for a centralised platform for sharing information to empower South Africa’s criminal justice system.
The Information Regulator gives feedback on cases tackled this year against various public entities to enforce compliance with PAIA and POPIA.
The introduction of the two-pot retirement system has triggered a wave of withdrawal applications, prompting concerns over tax liabilities and the need for improved financial education.
As the two-pot system rolls out, fund administrators are receiving a wave of withdrawal claims, highlighting the financial squeeze many are feeling.
The Tax Ombud is investigating SARS for potential service failures in addressing eFiling hijacking, with a review under way to uncover systemic issues.
An Interpretation Note provides clear guidelines on when a practitioner can be prohibited from registering or deregistered due to non-compliance.
A request for a tax directive will be declined if a member is not a registered taxpayer or has outstanding returns.
The declaration follows the Constitutional Court’s ruling in the asset manager’s favour in a tax dispute with SARS.
The amendments will relieve offshore companies from VAT registration when supplying services to domestic vendors, aligning SA with global best practice.
