Taxpayers Remain Unaware of SARS’ Saving Grace For Non-Compliance
The South African Revenue Service (SARS) has continually granted a lifeline to non-compliant taxpayers by keeping the Voluntary Disclosure Programme (VDP) open, which allows non-compliant taxpayers to come clean. The VDP came as a saving grace for many, especially as SARS began ramping up its efforts to eliminate non-compliance and massive collection drives.
Binding Rulings
Binding Private Ruling: BPR 387 Attribution of nett income to a public benefit organisation (09 December 2022) This ruling determines the tax consequences of a public benefit organisation (PBO) holding a participatory interest in a controlled foreign company, which is a foreign incorporated charity.
Case Law Wrap-Up
Commissioner for SARS v Coronation Investment Management SA (Pty) Ltd (1269/2021) [2023] ZASCA 10 (07 February 2023) The issue before the Supreme Court of Appeal (SCA) in this matter was whether a controlled foreign company (CFC) constituted a foreign business establishment (FBE) as contemplated in the Income Tax Act, No. 58 of 1962 (the ITA).
Shades of Grey: SARS Clearances and Greylisting
The greylisting of South Africa by the Financial Action Task Force (FATF), due to concerns about the country’s anti-money laundering efforts, has had significant consequences for individuals and businesses operating within South Africa. One of the key impacts of greylisting is the increased scrutiny of cross-border financial transactions, particularly with the remittance of funds out […]
SARS Overhauls Trust Returns: 5 Major Changes
SARS has completely overhauled tax returns for trusts. Although this has been hinted at for a long time, the degree of overhaul is far from expected.