Alarm bells ring as Sanlam reports high withdrawal claims among vulnerable members
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
Two-pot withdrawals: taxpayers who understate their income face penalties
SARS has processed more than 1.2 million tax directives for savings component withdrawals, paying out R21.4 billion to fund members.
‘Instructive remarks’ from the Constitutional Court on understatement penalties
Expert legal interpretations, even if contrary to SARS’s stance, may not automatically result in understatement penalties.
SARS is clamping down on undeclared crypto holdings and trades
Among other measures, SARS says it is engaging with the FSCA about providing information on registered crypto asset service providers.
Constitutional Court clarifies CGT in multi-tier trust arrangements
The court’s interpretation and application of the conduit principle has implications for structures involving layers of multiple discretionary trusts.
Precedent-setting case highlights legal hurdles in transfer pricing disputes
The tax dispute between ABD and SARS highlights the complexity of IP royalty pricing and the importance of expert testimony in transfer pricing audits.
Tax on savings component withdrawals benefits low-income earners, says Treasury
The tax structure aims to be progressive, with low-income earners paying little to no tax on withdrawals, while high earners are taxed more.
Civil society frustrated by corruption-fighting information falling through the cracks
The Organisation Undoing Tax Abuse highlights the need for a centralised platform for sharing information to empower South Africa’s criminal justice system.
Regulator battles for data privacy: major cases against SARS, SAPS and IEC
The Information Regulator gives feedback on cases tackled this year against various public entities to enforce compliance with PAIA and POPIA.
R4.1 billion in withdrawals: surge in two-pot claims highlights financial planning challenges
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.
Massive interest in two-pot withdrawals puts administrators to the test
As the two-pot system rolls out, fund administrators are receiving a wave of withdrawal claims, highlighting the financial squeeze many are feeling.
‘Severe consequences’ for employees involved in hacking taxpayer profiles
The Tax Ombud is investigating SARS for potential service failures in addressing eFiling hijacking, with a review under way to uncover systemic issues.
Two strikes and you’re out: SARS clarifies tax practitioner registration
An Interpretation Note provides clear guidelines on when a practitioner can be prohibited from registering or deregistered due to non-compliance.
SARS alerts fund members to the requirements for two-pot withdrawals
A request for a tax directive will be declined if a member is not a registered taxpayer or has outstanding returns.
Dividend windfall for Coronation shareholders
The declaration follows the Constitutional Court’s ruling in the asset manager’s favour in a tax dispute with SARS.
Positive amendments to VAT regulations relating to electronic services
The amendments will relieve offshore companies from VAT registration when supplying services to domestic vendors, aligning SA with global best practice.
Tweaking needed to tighten anti-avoidance rules on loans to trusts
The draft Taxation Laws Amendment Bill addresses a critical anomaly in trust anti-avoidance legislation. By narrowing the transfer pricing exemption, the Bill ensures that only the correct portion of cross-border trust loans escapes double taxation.
