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Tag Archives | Tax

Women business

What’s keeping women out of leadership in professional services?

The audit, tax and advisory industry has transformed significantly over the years and gradually the skills pool in this industry has become more diverse. Despite developing the same skills and receiving the same qualifications as their male counterparts, there is still a trend among female professionals to fill traditionally female-orientated roles in commerce. This is […]

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two-potjies

Treasury publishes draft two-pot retirement system legislation

The two-pot retirement system will come into effect on 1 March next year, according to draft legislation published for public comment by National Treasury on 31 July. However, in an accompanying media release, Treasury said the proposed 2023 implementation date was optimistic, because retirement funds will have to change their rules and systems, and the […]

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home-desk

Failure to update tax law is bad news for employees trying to claim home office expenses

Many taxpayers will again hit a wall when trying to claim any home office expenses during the current tax filing season, despite having worked mainly from home since the start of the Covid-19 pandemic. There has been no legislative response to the hybrid workplace, where people work partly from home and partly from the office. […]

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tax-deduction

Higher tax deductions for pensioners who receive income from more than one source

Many pensioners who received their retirement income from more than one source had lower tax deductions, based on the tables applicable to the individual incomes. This often resulted in tax shortfalls at the end of the year, resulting in unexpected tax obligations, as they were under the impression that the tax deducted by the various […]

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tax-clock

Sars is ‘aggressively’ collecting tax debt via third-party appointments

The South African Revenue Service (Sars) is “aggressively” collecting outstanding tax debt, including by withdrawing funds from bank accounts and garnisheeing salaries, according to Andre Daniels, legal manager: tax controversy and dispute resolution at Tax Consulting SA. Usually, the first step by Sars to collect an outstanding debt is to issue a letter of demand […]

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Tax objection

How to increase the likelihood that your objection to a tax assessment will succeed

Benjamin Franklin said, “diligence is the mother of good luck”, and that is exactly what is required when drafting an objection to an assessment or additional assessment issued by the South African Revenue Service (Sars). Read: Sars defends its handling of VAT refunds and taxpayer disputes Before putting pen to paper, there are a few […]

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tax-burden

Draft Financial Sector Levies Bill dubbed ‘increased taxation by stealth’

Robert Vivian, professor of finance and insurance in the School of Business Sciences at Wits University and a member of the Free Market Foundation’s Rule of Law Board of Advisors, holds nothing back in an article titled Taxation by Stealth published in Biznews. In his view, the Draft Financial Sector Levies Bill 2021 is possibly […]

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sars

Sars searches homes of employees in the gold and banking sectors

The South African Revenue Service (Sars) has searched the homes of employees in the gold and banking sectors as part of its investigations and audits into illicit financial flows and illicit trade in the gold, alcohol, clothing, cigarette and tobacco sectors. Sars said its Syndicated Tax and Customs Crime Division has inspected and conducted search […]

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