The South African Reserve Bank (SARB) released a consultation paper in January, wherein it discussed “cryptocurrency regulation”. This refers to the regulation of digital assets or virtual currencies, such as Bitcoin, which are used to trade online through secure transactions, called Blockchain. Today, there are over 1,600 cryptocurrencies worldwide. This includes obscure currencies, such as Vertcoin and […]
The controversial tax on income South Africans earn abroad and the R1 million exemption on it will be revisited during a special workshop between National Treasury and industry players in coming weeks.
Running errands, doing collections and deliveries, sourcing supplies and materials, and liaising with suppliers and customers? It’s all in a day’s work for employers and employees of small businesses.
The 2019 election year brings the normal risk of some tax populist decisions, including much higher social grants. This will add to the fiscus’ pressure, desperate for additional tax revenues. Personal income tax, which is mostly collected from employees, is by far the largest contributor to tax in South Africa. The goose which lays the […]
The announcement by National Treasury and SARS in 2017 that the tax exemption on South African expatriates is set to change, has resulted in the lifestyle of many South Africans, who are employed by companies abroad, to rapidly change from a South African tax liability point of view.
The Nugent Commission of Inquiry will hand over its final report to President Cyril Ramaphosa on Friday and it is expected to make further recommendations to stabilise the South African Revenue Service (SARS).
When in Rome… Following a brief stint in central America to attend an international conference, I was privy to a difference in cultural practice as well as social customs that were to be observed. For example, in Santa Domingo, driving is a bit like organised chaos. If ever you’ve thought the driving and traffic in […]
A Nasty Surprise from SARS The 2018 tax season has come and gone. However, the coast is not clear just yet. As SARS concludes their verification process – to review and confirm taxpayer’s information – many taxpayers may have received a nasty pre-holiday surprise from SARS.
Down to a “T” I recently had the privilege of attending a tax conference in the Dominican Republic. This involved months of planning in order to ensure a smooth flight, travel and attendance at an international tax event.
Several organisations have submitted proposals relating to the foreign income exemption for the 2019 legislative cycle. National Treasury is sticking to its amendment to limit the tax-free income South African tax residents earn outside of the country to R1 million. Industry bodies are asking that the cap exclude benefits, which are “a necessity” in some […]