The Supreme Court of Appeal confirms that re-quantifying a tax debt post-rescue commencement doesn’t create a new, preferential liability – cementing SARS’s place as a concurrent creditor under an approved rescue plan.
UCT tax lecturer Ben Cronin argues that by allowing the minister to amend the income tax rates by announcement in the Budget, Parliament has overstepped its competence, eroding the doctrine that places legislative authority firmly in its hands.
SARS tells vendors there is now no legal basis for them to charge consumers VAT of 15.5% from 1 May.
SARS’s stance on input VAT was overturned after the court found the fund to be the principal in an insurance agreement – not merely an agent.
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 move will limit taxpayer defences that rely solely on claiming an unintentional mistake.
How the general and specific time-of-supply rules will determine whether transactions fall under the existing 15% VAT rate or the increased rate.
Almost half the revenue from personal taxes is derived from people who earn more than R1 million.
A comprehensive round-up of the tax proposals affecting individual taxpayers and consumers.
Watch Moonstone Update for an overview of some of the stories covered in the past week’s Investment Indicators and Moonstone Monitor. This weeks update focuses on the budget Income tax brackets, medical tax […]
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.
Instead of hiking VAT, the government could fix its tax collection problems, improve state resource management, and stimulate the economy to boost revenue.
The VAT hike could add R58bn to government revenue, but with coalition partners clashing over its impact on ordinary South Africans, the debate over how to fund critical services without deepening the cost-of-living crisis is far from settled.
A postponed Budget Speech means uncertainty for taxpayers, but the VAT hike and personal income tax adjustments offer insight into the government’s fiscal strategy.
Taxpayers may soon have a faster, cost-effective way to resolve disputes with SARS through alternative dispute resolution at the objection phase.
Expert legal interpretations, even if contrary to SARS’s stance, may not automatically result in understatement penalties.
Among other measures, SARS says it is engaging with the FSCA about providing information on registered crypto asset service providers.
