How Bitcoin earnings are still Taxable
Johannesburg – Cryptocurrencies like Bitcoin are to be treated in the same way as capital realisation on assets, according to Dr Randall Carolissen, research head of the South African Revenue Service (SARS).
Retirement Savings Vulnerable to Tax Increases
South African taxpayers now find themselves in unchartered territory with the Presidential Fiscal Committee (PFC). We all know tax increases are on its way, the question is which tax types and by how much. Although this will remain a closely kept secret, many will undoubtedly feel they should have planned better.
The Dangers of Raising the Capital Gains Tax Rate
Although it won’t raise significant amounts of revenue, the Capital Gains Tax (CGT) inclusion rate for individuals could be raised in 2018 as part of various steps to address South Africa’s widening budget deficit.This comes as National Treasury mulls its options for raising roughly R30 billion through tax hikes while also cutting expenditure in the […]
SARS Binding General Ruling (VAT) 43
Date: 12 September 2017
Act: Value-Added Tax Act 89 of 1991
Purpose: The BGR sets out the circumstances under which the supply of gold is regarded as falling within the exclusions envisaged in paragraph (ii) of the definition of “second-hand goods” in section 1(1).
This binding general ruling is effective from 1 April 2017 until it is withdrawn, amended or the relevant legislation is amended.
For access to the entire ruling please click here
SARS Binding Private Ruling 278
Date: 12 September 2017
Act: Income Tax Act 58 of 1962
Summary: This ruling determines the income tax consequences in respect of the issue of equity-linked notes (Notes) by a covered person.
This binding private ruling is valid for a period of five years from 18 July 2017.
For access to the entire ruling please click here
SARS Binding Private Ruling 277
Date: 6 September 2017
Act: Income Tax Act 58 of 1962
Summary: This ruling determines the tax consequences for an employee share trust resulting from the vesting of “restricted equity instruments” held by its beneficiaries, and whether the trust is liable to withhold PAYE in respect of the vesting of the section 8C gain in the beneficiaries.
This binding private ruling is valid for a period of three years from 11 July 2017.
For access to the entire ruling please click here