Industry pleas for dialogue on capped foreign income exemption
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 […]
In troubled waters: Tax on the High Seas
Life is better on the sea Sometimes, those who have been living the corporate life decide to leave it all behind for a life working aboard luxury yachts. Some High school graduates take up the mantle of floating on seawater day in and day out in a gap year, but never depart the lifestyle. Either […]
Importers easy targets for unfair VAT treatment
Even the experienced importers are falling foul to failed VAT refund claims and disallowed input VAT deductions. 2018 has been a trying time for South African businesses; from the weakening of the rand, the hike of the VAT rate to 15%, and slow growth rate of the economy. The modern struggle for many businesses, however, […]
Bonang likely to struggle in tax-evasion fight
Once you have evaded paying taxes and haven’t filed tax returns, criminal law will apply to you, warns attorney on the celebrity’s woes. Team Bonang Matheba’s optimism on the outcome of engagements with the taxman on the television personality and businesswoman’s tax woes could come to nothing, a tax attorney has cautioned. Jean du Toit, […]
SARS to impose penalties on non-compliant companies from December
From the 7th of December the South African Revenue Service (SARS) will be implementing their new approach to use information supplied by the Companies and Intellectual Property Commission (CIPC) to determine which companies are not tax compliant and impose penalties accordingly.
VAT refunds: Slow and steady doesn’t necessarily win the race
More than a year after the Ombud’s rather critical report on the South African Revenue Service’s (SARS’) value-added tax (VAT) refund structure was issued, frustration among taxpayers has been intensified by the revenue service’s excessive verification demands, which seem to be driven by the aim to delay legitimate VAT refunds.
SARS ups tax collection through payroll audits
Despite the promising initiatives implemented under the South African Revenue Service’s (SARS) acting Commissioner Mark Kingon, its tribulations in meeting its collection targets have not yet waned, with payroll audits falling under its enhanced collection efforts to make up the shortfall.
Taking loan in crisis time
We all find ourselves in tough financial spots from time to time, where there is just too much month at the end of the money.