Sars to hit 300 000 companies with fines
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, […]
Panic, Uncertainty About Expatriate Tax
Tax practitioners say their clients remain panicked and concerned about the ‘expat tax’, despite National Treasury adopting a relatively softer stance.
SARS Audit: How to Survive
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 […]
Bitcoin: Mining for Answers
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 […]
Unit Trusts under Treasury’s spotlight
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%.