Reference Acts and Guides Income Tax ActTaxation Laws Amendment ActRates and Monetary Amounts and Amendment of Revenue Laws Act TaxAdministration Amendment Act SARS published a guide (Issue 3) in November 2021 providing information and guidelines on the value-added tax (VAT) rulings process. It sets out the steps to be followed…

Reference Acts Income Tax Act, as amended Tired of high electricity costs and the dreaded load shedding disaster affecting your business? It's time to consider use of solar power solutions and the associated tax deductibility. Section 12B(1) and (2) of the Income Tax Act provides for a 50%/30%/20% income tax…

Tax Free Investments (TFIs) were introduced as an incentive to encourage household savings. This incentive became available from 1 March 2015. Your money can grow faster in a tax-free savings account compared to a regular savings account because you don't pay tax on the investment return. A tax-free savings account…

If you’ve recently moved abroad from South Africa for work, there are a few things you’ll need to keep in mind in 2021 as a resident living temporarily abroad: the South African Revenue Service (SARS) and Expat Tax. Foreign income tax exempt is not exempt even if you aren't in…

This article deals with the issue of whether double taxation can occur; i.e. the trust and the beneficiary both pay tax. Definitions, explanations and clauses from the Income Tax Act are plentiful in this article; please be prepared for a lengthy discussion. A trustee is the representative taxpayer of a…

This is a follow-up article; please read part 1 too. A recap of the definition and applicable websites are given below: Export incentives are intended to encourage exports by providing financial assistance to exporting companies to enable them to compete effectively in international markets. Whilst they have been widely used…

Export incentives are intended to encourage exports by providing financial assistance to exporting companies to enable them to compete effectively in international markets. Whilst they have been widely used internationally, some are regarded as contrary to both the spirit and word of the World Trade Organisation (WTO). Consequently, the more…

Relevant Acts Tax Administration Act 28 of 2011;Income Tax Act 58 of 1962; andRental Housing Act 50 of 1999 (based on quoted examples in the SARS Guide)Consumer Protection Act 68 of 2008 (based on quoted examples in the SARS Guide) This is a follow-up article (2 of 2); please read…

Reference Acts and/or documents Promotion of Access to Information Act, 2000Gazette 45057 dated 27 August 2021 - Regulations relating to the Promotion of Access to Information, 2021 Most commonly used forms: Form 1 - Request for a copy of the PAIA Guide (from the company you are requesting information from;…

Relevant Acts Tax Administration Act 28 of 2011; Income Tax Act 58 of 1962; and SARS published Interpretation Note 177 in May 2021 providing guidance on the words “received by” in the definition of “gross income” in section 1(1) of the Income Tax Act and the treatment of the receipt…