It is not uncommon for National Treasury and the South African Revenue Services (SARS) to propose, and subsequently gazette, amendments to the Income Tax Law. It’s also not unheard of that these draft tax law amendment bills will enjoy scrutiny by industry specialists. That is why draft tax bills are open for public comment. Once […]
Provisional tax season brings with it the heightened panic of many taxpayers upon the discovery of penalties and interest suddenly imposed by SARS. The disgruntled taxpayer seeks immediate recourse through his attorney, hoping for some sort of justice to be served, but alas the attorney is worn down by complex tax calculations, the onerous and […]
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.