The 2021 Draft Tax Bills published proposed the introduction of a tax on the retirement interests of those who cease their South African Tax Residency. It means a new section will be inserted in the Income Tax Act that would take effect from 1 March 2022. The new Exit Tax may very well lead to […]
It has long been on the cards that the South African Revenue Service (“SARS”) should upgrade their systems and modernise the fact of tax in South Africa. This would enable the easier facilitation of compliance for the country’s growing tax base.
When ceasing their South African tax residency, taxpayers are subject to an ‘exit tax’ which forms part of the emigration process.
Most taxpayers find themselves on edge when submitting their returns for the current tax filing season. The reason for the underlying tension could have a lot to do with how they perceive SARS.
The Tax Court has again confirmed that there is no safety for taxpayers in relying on their auditor’s views to justify a tax position adopted.
National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget.
Over the last couple of years, SARS has systematically increased their manpower to better orchestrate taxation processes, as well as their investigative procedures. They have also allocated R3 billion towards improving their technological and information-gathering infrastructure, which will aid in tightening the noose around individuals with undeclared foreign-earned income or cryptocurrency tax evaders.
National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget. Highlighted below are 5 key changes proposed by Government that taxpayers need to be aware of.
President Ramaphosa announced on 25 July that government will provide continued support to businesses by deferring employees’ taxes (PAYE) for three months.
The Compromise of Tax Debt application (“the Compromise”) is aimed at aiding taxpayers to reduce their tax liability by means of a Compromise Agreement (“the Agreement”), which is entered into with SARS.