National Treasury released the following media statement on the special VDP for offshore assets. For access to the entire media statement, please click here. SARS have also updated the guide for special VDP, please click here to access the guide. Interestingly, the last version of the bill that proposed to include to the special VDP […]
The South Atlantic Jazz festival case (“Jazz festival case”) put into a motion a series of changes to the VAT legislation, more specifically, as to when an input tax claim can be made without a proper tax invoice. In short, the taxpayer in the South Atlantic Jazz festival case was successful in a dispute against […]
When the Minister of Finance announced in the 2016 budget speech that the ability to claim input tax credits within 5 years will be revisited, taxpayers and tax practitioners alike waited with great anticipation to see if the proposal found its way into the draft bills so as to comment on why this should most […]
Notable revisions include: Changes to section 7C (trusts and loan accounts) to remove the deemed interest imputation for loans to trust and replacing same with a deemed donation provision and removing the R100 000 annual donations tax exclusion prohibition. Extension of the Employment Tax Incentive to 28 February 2019; Dividends on restricted equity instrument will no […]
In the case of VAT 1247: XYZ Company (Pty) Ltd v The Commissioner for The South African Revenue Service, the court was faced with interpreting section 22(3) of the VAT Act, notably, in relation to a period before 22(3A) was introduced. Section 22(3) of the VAT Act in essence requires a person who has claimed […]
The 2016 draft taxation laws amendment bill and draft tax administration laws amendment bill has been published for public comment. Comments are due by 8 August 2016. 2016 Draft Tax Administration Laws Amendment Bill The draft Tax Administration Laws Amendment Bill, 2016, is hereby published for comment. The draft legislation gives effect to matters presented […]
The recent case of D v Commissioner for South African Revenue Service (VAT 1390), which is an appeal referred by the taxpayer to the Western Cape Tax Court after being dissatisfied with the decision by the Tax Board, reconfirms that supplies made by an independent contractor to the taxpayer and recovered from customers by the […]
The tax dispute resolution process, contained in the Tax Administration Act, No. 28 of 2011 as well as the rules promulgated under section 103 of that act was designed to ensure efficient and simple resolution of tax disputes. Of late, however, our experience has been quite the opposite. It is evident that the current economic […]
Aggrieved taxpayers are provided with a legislative mechanism in order to resolve disputes with SARS, the latest version of which came into effect on 11 July 2014 and was promulgated in terms of section 103 of the Tax Administration Act, No.28 of 2011. These legislative mechanisms are commonly referred to as “the tax dispute resolution […]
Taxpayers are reminded to take into account some of the changes announced in by Finance Minister Nhlanhla Nene in his budget speech on 25 February 2015: Contributions to an Income protector no longer tax deductible; The primary rebate has been increased to R13 257; and The medical scheme fees tax credit for monthly medical contributions for […]