Sanlam reports that most withdrawals came from financially strained members in mid-life, with little evidence that funds were used to reduce debt. Instead, spending patterns suggest pressure to cover everyday expenses.
Once implemented on 1 May, undoing the VAT hike could prove nearly impossible. Even if Parliament later votes against the Rates and Monetary Amounts Bill, the logistics of refunding the collected VAT present formidable challenges.
The South African Revenue Service outperformed its revised estimates for 2024/25, buoyed by strong personal income tax, VAT, and company income tax collections.
The move will limit taxpayer defences that rely solely on claiming an unintentional mistake.
The Minister of Finance cites an average 19% VAT among peers to argue that South Africa’s 15% rate is low, but isolated comparisons miss key factors such as exemptions, corporate rates, and overall business costs.
Commissioner Edward Kieswetter explains to Parliament why ‘between R700bn and R800bn is not an unreasonable amount’.
Almost half the revenue from personal taxes is derived from people who earn more than R1 million.
Taxpayers may struggle to challenge SARS’s authority to repatriate foreign assets after a High Court ruling upheld its powers, potentially paving the way for more assertive tax enforcement.
Missing the provisional tax deadlines can lead to steep penalties and interest. This article outlines the key dates and payment rules to help you stay ahead.
Carla Rossouw, head of tax at Allan Gray, discusses what investors need to know about retirement fund products and the looming end-of-tax year deadline on 28 February.
A dip in corporate and VAT revenues has left a R10bn hole in expected tax collections. As the Budget approaches, Treasury faces a difficult balancing act.
The Tax Court rules against SARS in a dispute over a contingency insurance deduction, reaffirming the legitimacy of the policy and its role in protecting income-generating activities.
Have you or your clients been affected by eFiling profile hijacking? The Tax Ombud is investigating SARS’s handling of these incidents.
With more tax returns submitted, SARS is intensifying efforts to ensure full compliance, particularly among trusts, using AI and data-driven enforcement.
This is double the initial estimate of between R5bn and R6bn.
SARS highlights common errors that can lead to application rejections and warns against attempts to evade tax.
Treasury’s proposed tax changes for investment funds may lead to trading distortions and reduced revenue, say industry experts.
