With the wave of anti-SARS sentiment currently washing over South Africa, paying historical value-added tax (VAT) may be a hard pill to swallow. This has resulted in many companies understating or underpaying their VAT and subsequently incurring colossal penalties in addition to the tax payable.
The SA Revenue Service, as part of a move to boost its revenue collection, is looking to nail 300 000 companies with penalties for failure to submit corporate income tax returns. On the sidelines of the Tax Indaba in Johannesburg this week, Fabian Murray, acting Sars chief officer for business and individual tax, said that, […]
Tax practitioners say their clients remain panicked and concerned about the ‘expat tax’, despite National Treasury adopting a relatively softer stance.
The recent developments at the South African Revenue Service (SARS) promise to cause a shake-up for many unsuspecting taxpayers. They are short on budget and the general perception is that there has been a lapse in taxpayer morale. The SARS audit teams will undoubtedly start in earnest with the targeting of taxpayers to see how […]
By now, most people know what Bitcoin, or cryptocurrency, is. Some have even bought and sold a few and more impressively, some have found out how to turn cryptocurrencies into a business. Then, there are the “miners”. Following a process that involves no actual hard labour or rock breaking, crypto miners can generate cryptocurrencies by […]
Investors in unit trusts are currently taxed only on capital gains when they sell their units. But a proposed amendment could result in some distributions being taxed at income tax rates to the maximum of 45%.
Women tend to have higher levels of emotional intelligence and empathy compared to their male counterparts, and often promote delivery of soft benefits that may be overlooked in a purely commercial approach to business. Although these are essential to sustainability and human development, especially in Africa.
Failing to submit a tax return can result in a criminal record for non-compliant taxpayers. Last month the South African Revenue Service (SARS) published the names of 10 offenders who failed to submit their returns and who now have criminal records. SARS has always been able to do this in terms of the law, but […]
According to experts operating within the field of emigration, South Africans are expected to break emigration records in 2018. Speaking to 702 Talk Radio, the manager at Financial Emigration, Jonty Leon, discussed the sharp spike in the number of South Africans looking to relocate abroad.
One of the reasons collective investment schemes, such as unit trusts, are so popular among individual investors is that buying and selling underlying assets is not subject to capital gains tax (CGT). The Taxation Laws Amendment Bill (TLAB), published earlier this month, includes an amendment that may change this.