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.
A trend of increased delays and frustration with the South African Revenue Service’s (SARS’) dispute resolution process, are becoming apparent among taxpayers and tax practitioners alike.
Most individual taxpayers tend to only check their tax certificates (IRP5s) when something goes wrong after submitting their annual tax returns. In most instances, taxpayers will not be allowed deductions or exemptions if there are errors. According to tax commentators, the most common errors are due to incorrect use of source codes.
When is a SARS Tax Court case win actually a loss for the fiscus? After the recent SARS court case, dealing with the taxable income of foreigners working in South Africa, it is hard to argue that no-one is working harder than SARS to create tax loopholes for expatriate employees. If anyone in SARS disagrees, […]
The South African Revenue Service (SARS) has created some nervousness in the South African tax base by embarking on an initiative to criminally prosecute taxpayers who fail to submit their tax returns. Whilst the threat of a criminal record and a fine ought to serve as sufficient incentive to submit one’s return, it is perhaps […]
Tax filing season is officially open. And although Acting Commissioner of the South African Revenue Service (SARS) Mark Kingon has noted you don’t have to file a tax return if you earn less than R350 000 per year from a single source of income – and have no allowances – you may still choose to […]
South Africa’s plan to change its tax law to ensure digital companies such as Google and Facebook contribute to the government’s coffer could raise up to R4.4 billion a year. This is money that could give a life line to the ailing local media.
