Do You Need To Submit A Tax Return?
The Commissioner for SARS prescribes per government notice who is required to submit a tax return. The notice in respect of the 2021 year of assessment was published on 14 May 2021.
Through the Looking Glass: SARS Audits on Offshore Assets
South Africa has a history of taxpayers making use of offshore structures in order to conceal their assets and income. Taxpayers have long believed that these arrangements were beyond SARS’ reach, but will they stand the test of time?
Increased UIF Contribution Ceiling Finally Takes Effect
After a false start earlier this year, the increase to R17,712 in the Unemployment Insurance Fund (UIF) contribution ceiling has now taken effect.
Declaration Of Cease To Be A Tax Resident
On Thursday 3 June 2021, SARS issued its guidance on what ceasing South African tax residency involves, by posting its “Cease to be a Resident” webpage. This is a welcome initiative that may clear up any misconceptions and dispel any advice peddled in the market that this is simply a matter of ticking boxes.
Disappearing Exchange Control
We have seen significant changes and adjustments to the exchange control policies with National Treasury steadily reducing exchange controls for individuals seeking to send money abroad, particularly in the last 15 odd years.
In the Land of the Blind: Filing Season Causing Anxiety for Cryptocurrency Investors
With filing season fast approaching, it has become abundantly clear that SARS will have its sights set firmly on collecting tax from cryptocurrency activities.
Cryptocurrency Is Either A Powder Keg Or Panacea: Which Way Will We Go?
During 2020, crypto platforms the world over sailed into the heavens, then plummeted months later. Amid the joys and sorrows experienced by investors, come new concerns about cryptocurrency regulation and what it would mean for South African taxpayers.
No Longer Under the Radar: SARS Puts a Magnifying Glass Over Crypto Exchanges
For the past few years, many have speculated on whether SARS would approach cryptocurrency exchanges directly to disclose their customers’ information. Until recently, taxpayers have largely regarded cryptocurrency as something that exists outside of the reach of the revenue collector.
Working For An International Organisation In SA? Get Your Tax Strategy In Place
South African residents who work for international companies inside South Africa need to be sure they have a clear understanding of their tax situation or risk losing out, says Thomas Lobban, Legal Manager for Cross-Border Taxation at Tax Consulting South Africa.
Constitutional Court Delivers Bad News For Loyalty Programme Operators
On 21 May 2021, the Constitutional Court handed victory to SARS in a decision that may have sweeping ramifications for retailers who operate loyalty plans similar to the Clicks ClubCard loyalty programme.