Issue Whether a judgment made by the High Court, ordering the resubmission of VAT 201 returns by the taxpayer, may be clarified in terms of rule 42 of the Uniform Rules of Court to take into account the penalties and interest raised by SARS during the period granted by the Court for such resubmission.
In a surprising admission by National Treasury in its Medium Term Budget Policy Statement, it has been acknowledged that recent tax increases have failed to generate the revenue numbers initially projected, and all evidence illustrates that South Africa’s higher than global average tax rates have in fact hindered economic growth.
With Government’s draft response being released in the Parliamentary Debate on 13 October 2020, non-compliant taxpayers, be it intentionally or negligently, may soon be facing some serious jail-time.
In his statement of 07 October 2020, Commissioner of the South African Revenue Service (“SARS”), Edward Kieswetter announced a funding shortage in the amount of approximately R800 million, which shortage needs to recovered be in order for SARS to operate efficiently again.
National Treasury has responded to some of the key changes proposed in its Draft Tax Law Amendment Bill (TLAB) and Draft Tax Administration Laws Amendment Bill (Draft TALAB) – including questions around emigration and harsher punishments for taxpayers.
South African expatriates who were unable to leave South Africa on account of the lockdown will be relieved to learn that the requirements of the foreign employment exemption (Section10(1)(o)(ii)) will be relaxed.
South Africans who have emigrated or plan to permanently leave South Africa have until 28 February 2021, just over four months from now, to effect financial emigration. National Treasury has laid down the new law and made it clear – the consequence otherwise is your retirement money will be locked in for three years, you […]
The VBS Mutual Bank case gained massive momentum when state witness, Philip Truter, was sentenced on 7 October 2020 to an effective seven years in prison.
This year has been a journey into unchartered waters for us all, and a particularly tense time as far as South African expatriates are concerned. For many expats, more and more questions have been left unanswered as this filing season, and the current tax year begins to draw to a close.
The time for South Africans who consider emigrating to learn their fate around their pensions is drawing closer.