Since the inception of the retirement reform on the 1 March 2016, many employers maintained their payroll configuration appertaining to retirement and risk benefits and the tax treatment thereof or minor modifications thereof.
The COVID-19 pandemic has wreaked (and continues to wreck) chaos on economies across the globe. The lockdown has seen many businesses struggling to pay rent, or to even keep afloat. Simultaneously, landlords are faced with pressure to collect rental income; or face their own demise.
The Minister of Finance delivered an Emergency Budget on 24 June 2020, which can be described in diplomatic terms as gloomy, and uneventful. Most notably, despite speculation by some to the contrary, the Minister did not impose any new taxes, which leaves SARS with no respite as it faces a mighty revenue shortfall of around […]
Issue This binding general ruling extends the time periods to export movable goods, apply for a refund from the VAT Refund Administrator, and obtain the relevant documentary proof of export, as stipulated in the Export Regulations and IN 30 respectively.
Many businesses, and especially small and medium sized entities, have jumped at the opportunity to apply for debt deferral or debt compromises.
If a South African expatriate had to describe the year 2020 in one word, “uncertainty” would no doubt rank as one of the most appropriate.
Finance Minister Tito Mboweni is facing his own crisis. He will be delivering South Africa’s – probably first – emergency budget in the wake of a massive economic decline.
The High Court in Pretoria recently ruled that taxpayers have a right to be notified before the South African Revenue Service (SARS) appoints an agent to collect ‘outstanding tax debt’.
With the ever-looming threat of COVID-19 still hanging over South Africa at large, business has had to come to terms with a “new normal”, which has and will continue to result in many taxpayers needing to work from home for the foreseeable future.
Issue The Applicant and Co-applicant approached SARS to determine the income tax and donations tax consequences of a share buy-back at nominal value pursuant to a proposed cancellation agreement.