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Payment of taxes is often a sensitive topic to discuss and everyone at some stage is obligated to pay their fair share. For the sake of clarity please note the following: Tax Avoidance is legal.Tax Evasion is illegal. Avoidance: it is reasonable to presume that anyone would want to pay…
SARS published an explanatory document of the Draft Income Tax Amendment Bill on 30 July 2019. This three page document summarises two aspects of the Draft Bill: REPEAL OF THE TAX EXEMPTION FOR CERTIFIED EMISSION REDUCTIONS “To avoid a double benefit scenario, where the same emissions reductions lead to both…
This article discusses the basics of “Goodwill” from an accounting perspective. Relevant Legislation: Income Tax Act 58 of 1962 (as amended)Taxation Laws Amendment act 5 of 2001 (and various amendments)Relevant Code of Practice: International Financial Reporting Standard 3 (IFRS3) In discussing “Goodwill” the definition of an asset must first be…
On 18 July 2019 the South African Reserve Bank cut its benchmark repo rate by 25 basis points to 6.5 percent. This is the first reduction of the interest rate since March last year. The repo rate is the benchmark interest rate at which the Reserve Bank lends money to…
National Treasury announced earlier on 2019 that it intends to change the provision in the tax law that exempts South African tax residents from paying tax on income from foreign employment. At present, anyone who renders services outside of South Africa for more than 183 days in a 12-month period,…
Section 99 of the Tax Administration Act regulates the prescription of tax periods. The most important circumstances in which SARS is barred from raising further assessments in relation to a tax period are those relating to the passing of time. As a general rule, SARS is time-barred from raising an…
Filing season for taxpayers who have been making use of e-Filing will start on 01 July or 01 August 2019 depending on your tax classification. Non-provisional taxpayers who use e-Filing to submit their returns will be able to do so from 01 August however if you use e-Filing as your…