Refundable ‘premium’ sinks taxpayer’s insurance deduction
The High Court finds that most of the payment was a recoverable, interest-bearing deposit rather than expenditure incurred for genuine insurance cover.
#understatementpenalty
Can a tax deduction be claimed a decade late?
A fuel exporter lost a R38.8-million deduction claim, but the Tax Court ruling may open a fresh battle over whether the correct tax years can still be re-opened.
Tax compliance is easier, but corporates’ trust in SARS remains split
PwC finds a downward trend in penalties and verification risk. Yet corporate taxpayers continue to voice concerns over consistency, fairness, and accessing SARS support.
SCA confirms validity of a tax opinion when it is correct in fact and law
Supreme Court rejects SARS’s argument that the expert’s opinion was tainted by self-interest because of the fee he would earn.
Proposal to tweak ‘bona fide inadvertent error’ in favour of SARS
The move will limit taxpayer defences that rely solely on claiming an unintentional mistake.
Constitutional Court clarifies CGT in multi-tier trust arrangements
The court’s interpretation and application of the conduit principle has implications for structures involving layers of multiple discretionary trusts.
