The notion of creating a sovereign wealth fund for South Africa is a contradiction in terms. Jean du Toit, senior admitted attorneys at Tax Consulting SA, says this would imply that we do have surplus funds.
The filing of tax returns has evolved from manually submitting your returns to everything being done on the e-filing platform. Taxpayers are in some instances forced by SARS to use the e-filing process and this is Constitutionally allowed and administratively fair, as SARS is obligated under law to operate efficiently as possible.
The upside of being generous for a taxpayer is usually a corresponding deduction for tax purposes, to the extent that the taxpayer can show a receipt for a donation made to a public benefit organisation (“PBO”) in terms of section 18A of the Income Tax Act.
Amendments to the Income Tax Act will soon see all South Africans working outside the country’s borders contribute to the fiscus from 1 March 2020.
On 1 February 2020, SARS released an exciting media statement, indicating that the revenue authority has embarked on a journey to reinvent SARS. With the power of technology and with the right people, SARS hopes to build an organisation that will provide a world-class service to the compliant taxpayer, but one that will be equally […]
As most know by now, SARS is grappling to increase revenue for their coffers, looking to South Africans who earn foreign income to subsidise the deficit. With all the uncertainty around the change in the foreign employment income exemption, which is coming into effect as of 1 March 2020, more and more people are wanting […]
On 15 January 2020, President Cyril Ramaphosa signed into law five different revenue related bills. These bills, which have now been promulgated include the Taxation Laws Amendment Act No. 34 of 2019, the Tax Administration Laws Amendment Act No. 33 of 2019 and the Rates and Monetary Amounts and Amendment of Revenue Laws Act No. […]
The World Bank has slashed South Africa’s economic growth forecast for 2020 from 1.5% to a mere 0.9%. This, while the country is faced with a revenue shortfall of anything between R50bn and R100bn for the tax year ending March.
Effective from 02 February 2020, various changes to the Schengen Visa will come into effect as approved by the European Commission in June 2019.
South African legislation governing expatriate tax exemption is set to change dramatically from 1st March 2020, affecting South Africans worldwide. This includes anyone who has permanently settled in another country.