Following SARS’ media statement on 5 May 2020, it is clear that revenue collection is under immense pressure with an expected collection shortfall of between 15% – 20%.
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.
The tax law amendment on section 10(1)(o)(ii) of the Income Tax Act No. 58 of 1962 (“the Act”) has come into effect 01 March 2020, after years of an arm wrestle on the amendment, from it’s complete repeal to an unexpected increase in the exemption limit in this year’s budget.
With the first provisional tax payment being due on 31 August 2020, there is some confusion regarding whether expatriates are deemed to be provisional taxpayers by the South African Revenue Service (SARS) or not.
South Africans are acutely aware of the plight of their fellow citizens during the current Covid-19 pandemic.
On 5 May 2020, the Commissioner for SARS made a profound media statement, which gave a detailed account of projected revenue collection in light of the COVID-19 crisis, but also gave valuable insight of what we can expect from SARS in coming months.
Government has published more than a dozen new directives around South Africa’s lockdown regulations since the official introduction of level 4 restrictions on Friday (1 May).
Following the most recent presidential address, it is clear that South Africa’s borders are going to remain closed for non-essential travel, at least for the time being.
Introduction Many South African companies make a living by providing goods and rendering services in Africa. Where these companies are vendors, VAT is ordinarily levied at 0% on these foreign supplies; which assists to ensure that there is no VAT leakage.
On 4 May 2020, the Minister of Finance issued a telling directive in Government Gazette No. 43266, in terms of which “services required to comply with an obligation imposed by or to exercise a right in terms of a tax Act” are expressly included within the ambit of “essential financial services”.