The South African Revenue Service (SARS) announced earlier this year that the 2017/18 tax filing season is to kick off on 1 July 2018, however, their e-filing system is already allowing submission of tax returns.
We are one month away from the opening of ‘tax filing season’, however, this year things will be a bit different. Taxpayers will have until 31 October to submit their tax returns, which is three weeks shorter than usual and will increase efficiency according to acting SARS Commissioner, Mark Kingon.
In Crookes Brothers Limited v CSARS, the first South African case dealing with transfer pricing adjustments, it was an unpolished contract that handed first blood to the Commissioner. In addition to marking a watershed moment from a South African transfer pricing perspective, this case serves a stern reminder of the importance of diligent contract drafting.
Which is better – company car or travel allowance? It’s a question that regularly plagues both employers and employees. “In light of new SARS requirements for travel reimbursements, it needs to be carefully revisited,” says Jerry Botha, Master Reward Specialist and Executive Committee member of the South African Reward Association (SARA).
For taxpayers who don’t engage with the SA Revenue Service (SARS) correctly, the price is either an unnecessary, drawn-out tax audit process or, if you’re caught, a very large tax bill.
Although usually behind the global curve, South Africa seems to be keeping pace with the current Bitcoin trend. This is positive, as we are living in an increasingly digital world with it only being a matter of time before currency too, became digital.
With financial institutions now directly reporting interest income to the South African Revenue Service (SARS), an increase in the number of cases where individuals are receiving tax assessments on income that does not belong to them, has become evident.
Franchisees have long battled with the tax deductibility of an initial fee paid under a franchise agreement. Depending on the nature of such fee, various provisions in the general deduction formula may find application. For example, where the initial fee is not capital in nature, it may be deductible under section 11(a) of the Income […]
Johannesburg – Cryptocurrencies like Bitcoin are to be treated in the same way as capital realisation on assets, according to Dr Randall Carolissen, research head of the South African Revenue Service (SARS).