Start Planning Around The Additional Exit Tax Before It’s Too Late
On 28 July 2021, National Treasury and the South African Revenue Services (SARS) released the 2021 Draft Taxation Laws Amendment Bill, which will come into effect from March 2022.
Finance Industry Experts Left Scratching Their Heads About New Draft Tax Bill
It is not uncommon for National Treasury and the South African Revenue Services (SARS) to propose, and subsequently gazette, amendments to the Income Tax Law. It’s also not unheard of that these draft tax law amendment bills will enjoy scrutiny by industry specialists. That is why draft tax bills are open for public comment. Once […]
Provisional Tax Penalties, An Attorney’s Nightmare
Provisional tax season brings with it the heightened panic of many taxpayers upon the discovery of penalties and interest suddenly imposed by SARS. The disgruntled taxpayer seeks immediate recourse through his attorney, hoping for some sort of justice to be served, but alas the attorney is worn down by complex tax calculations, the onerous and […]
Is The New Exit Tax Constitutional?
The 2021 Draft Tax Bills published proposed the introduction of a tax on the retirement interests of those who cease their South African Tax Residency. It means a new section will be inserted in the Income Tax Act that would take effect from 1 March 2022. The new Exit Tax may very well lead to […]
The Future Of Tax Collection In South Africa – SARS To Enter The “Tech-Age”
It has long been on the cards that the South African Revenue Service (“SARS”) should upgrade their systems and modernise the fact of tax in South Africa. This would enable the easier facilitation of compliance for the country’s growing tax base.