Final countdown for administrators and employers to prepare for the two-pot system
Discovery Corporate and Employee Benefits provides a checkist of what employers should be doing before 1 September.
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Members can expect payment delays when making withdrawals from the savings pot
The allocations to the savings component can happen only from 1 September onwards, says Old Mutual.
Taxpayer’s (legitimate) refund stuck in limbo after profile hacked
A cyberattack not only removed his account from his tax practitioner’s profile but also led to an erroneous VAT refund being paid back to SARS.
Cybercriminals ramp up their attacks on tax practitioners
SARS responds to reports of hackers accessing practitioners’ eFiling profiles, removing clients, and changing banking details.
Hefty sentences for members of syndicate who defrauded SARS of R100m
The group claimed R200m in VAT refunds for importing, storing, and selling diesel.
Celebrity chef sentenced to 10 years in jail for R5.3m VAT fraud
Lusizo Henna laundered the R3.1m refund within 14 days of SARS paying the money into his business account.
Ruling confirms that a layperson can represent a taxpayer in a Tax Court
The ruling makes the Tax Courts more accessible, but there are risks to taking on SARS without a qualified and experienced legal representative.
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.
South Africa eyes stricter reporting laws for cross-border cash movements
Once the draft amendments to the Money Laundering and Terrorist Financing Control Regulations are enacted, failure to submit the required Cash Conveyance Report could lead to imprisonment for up to 15 years or fines of up to R100 million.
Tax collection in 2023/24 comes in at R10bn more than expected
SARS rakes in more from personal income and VAT, but corporate tax slumps by almost 9%.
Stack up the evidence when claiming interest expenses
Taxpayers carrying on trade as an investment holding company should ensure they can demonstrate a high degree of involvement in the operations of the subsidiaries.
Welcome news for companies in business rescue
SARS’s discretion to write off temporarily an amount of tax debt while a company is subject to business rescue will be reviewed.
Not understanding tax residency may result in significant tax liabilities
You can break tax residency via the SARS tax emigration process or annually via the application of a double taxation agreement.
Ruling sheds light on SARS’s application of section 12B tax incentive
Binding Class Ruling 88 provides guidance on what qualifies as a ‘generation asset’ and how the allowance applies to limited partners investing in solar PV energy assets.
Income from influencer activities is taxable
A common misconception among influencers earning income from international sources is that payments from abroad are not subject to taxation in South Africa.
SARS can seize the property of third parties on the premises identified in a warrant
The suspicion that the third party’s vehicle contained material relevant to the taxpayer under investigation was sufficient for it to be searched, SCA finds.
Budget 2024: how the inflation monster will affect taxpayers
The Budget Review suggests that National Treasury does not intend adjusting the tax brackets for at least another two years.
