The proposed new law regarding the tax credit available to individuals who install solar panels has been announced. The system will be introduced in the form of a tax credit, as opposed to a tax deduction. This is good news as it affords individuals with a uniformed opportunity in claiming the same tax credit. Under […]
Most employees do not understand the complex tax calculations the payroll team applies to their monthly earnings and often inundate them and Human Resources with questions about their deductions. The many tax myths shared by and amongst employees and professionals alike only fuel these misunderstandings and misconceptions, leaving employees in the dark.
In the Preliminary revenue results announcement earlier this month, the South African Revenue Service (“SARS”) declared unprecedented revenue collection figures arising from taxpayer audits and investigations over the preceding tax year. In his compliance address, SARS Commissioner Edward Kieswetter (“Kieswetter”) reported 854 strategic taxpayer audits being conducted during the 2022/2023 tax year which yielded R5.4 […]
The recent draft public notice issued by SARS proposes that Solar Installers must report taxpayer information.
South Africans abroad face multiple challenges when it comes to withdrawing their retirement policies in South Africa. The most recent being the South African Revenue Services (“SARS”) implementation of the 3-year lock in rule on retirement funds in March 2021. This was further exacerbated by cumbersome requirements and additional administration burden required by policy providers.
In the matter of Medtronic International v CSARS (33400-19) ZAGPPHC, Medtronic (“the taxpayer”) brought a review application against the Commissioner of SARS (“the Commissioner”). This was due to the taxpayer being a victim of fraud, perpetuated by a Medtronic employee, to the tune of approximately R460 000 000,00.
Under the original section 105 of the Tax Administration Act, 28 of 2011 (“the TAA”), taxpayers could elect to dispute a “decision” by application to the High Court for review. This was, however, amended in 2015, to make it clear that a “decision” by SARS may only be disputed per the objection and appeal procedures, […]
“Bitcoin, blockchain, mining”. By now we’re all familiar with cryptocurrency and its related buzzwords. The initial boom in cryptocurrency markets, has resulted in many people becoming cryptocurrency investors, with everyone seeking to capitalise on intangible investment opportunity, or at least, the loss that comes with their investments, in the current bear market.
Having seen the contents of the budget speech retold endlessly in the media, many business professionals are still no wiser about how their companies will be impacted by the announced policy changes.
The dispute resolution process, as outlined under Chapter 9 of the Tax Administration Act, No. 28 of 2011 (“the TAA”), read together with Part B, of the Tax Administration – Regulations (“the Regulations”), provides the applicable timelines within which such a dispute resolution process must be initiated.