ConCourt judgment in Capitec vs SARS clarifies important VAT principles

The decision addresses the recovery of VAT on payments made under loan cover provided free of charge.

Sasria wants an explicit guarantee that the state will be its reinsurer of last resort

The reinsurance market will remain hard for the foreseeable future, and most reinsurers believe another July 2021 is just around the corner, says chief executive.

National Council of Provinces finalises amendments to Fica schedules

No carve-out to accommodate clothing retailers’ concerns about exclusion or compliance costs

Clothing retailers, Treasury deadlocked over making all credit providers accountable institutions

As attention shifts to Parliament’s processing of the omnibus “anti-grey-listing bill”, the equally important amendments to the schedules to the Financial Intelligence Centre Act (Fica) have probably slipped from public view. However, the […]

Low-risk businesses cannot be excluded from the list of accountable institutions, says FIC

Only areas of business where there was no risk of money laundering could be excluded from the ambit of the Financial Intelligence Centre Act (Fica), whereas even low-risk businesses should be accountable institutions, […]

Momoniat: We don’t know who dropped the ball with state capture transactions

National Treasury’s acting director-general, Ismail Momoniat, says mechanisms need to be put in place to ensure that the regulators are doing their job in respect of suspicious financial transactions, noting that Treasury does […]

MPs insist on due process for Fica amendments aimed at avoiding grey-listing

Parliament’s finance committees last week decided they will not rubber-stamp National Treasury’s proposed amendments to the Financial Intelligence Centre Act (Fica) that are designed to prevent South Africa from being placed on the […]

Sars defends its handling of VAT refunds and taxpayer disputes

The South African Revenue Service (Sars) has defended the way it handles VAT audits after this issue, as well as the time taken to resolve disputes, was raised by the Tax Ombud in […]

Finance MPs want action on Tax Ombud’s independence

Parliament’s finance committees have resolved that their respective chairpersons will engage directly with Finance Minister Enoch Godongwana on legislation to make the Office of the Tax Ombud (OTO) “more clearly” financially and operationally […]

Lloyd’s believes it’s likely SA will see repeat of July riots

Lloyd’s of London believes it is likely there will be a recurrence of last year’s riots, and has hiked its reinsurance premiums paid by the South African Special Risk Association (Sasria). Sasria briefed […]