– Extension of phase 1, and change of implementation date for phase 2 In the 2022 Budget, the first phase of the carbon tax was extended by three years from […]
Budgets
Renewable Energy Incentives
Renewable Energy Incentives – 2023 draft Taxation Laws Amendment Bill for public comment On 21 April 2023, the National Treasury and the South African Revenue Service (SARS) published, for public […]
Public Schools and Income Tax
Although public schools are exempt from Income Tax, in terms of section 10(1)(cA)(i) of the Act, they are still liable for the submission of annual income tax returns. Public schools […]
Mining rehabilitation of a Company or Trust: Deductibility of amounts paid and compliance with Section 37A of the Income Tax Act – part 1 of 2
SARS published a Guidance Note in March 2022 discussing matters of compliance with Section 37A and mining rehabilitation. This SARS Note provides guidance on the interpretation and application of section […]
Donations Tax
Reference Acts and documents Income Tax Act, as amendedForm IT144 – Declaration by donor / doneeTax Administration Laws Amendment Act 24 of 2020 (TALA, 2020) In this article, we briefly […]
Non-compliance with laws and regulations – NOCLAR
In 2017, the International Ethics Standards Board for Accountants (IESBA) updated the rule that dictates how accountants can respond to a client’s non-compliance with laws and regulations (NOCLAR). For the […]
Financial fallout from the COVID-19 pandemic
Prior to the World Health Organisation declaring COVID-19 a pandemic South Africa’s economy had already contracted in the last two quarters of 2019. Arising from the subsequent lockdown in South […]
Donations tax implications of subscribing for shares at a discount
Income Tax Act 58 of 1962 sections 55(1) and 58(1) SARS released a private binding ruling (BPR343) in May 2020 explaining the outcome of a request from an applicant as […]
Tax relief and the R500 billion breakdown
Our government has published a breakdown of its R500 billion economic support package to help battle the impact of the coronavirus pandemic. Below is a summary of how the funds […]
Donations made to Public Benefit Organisations (PBOs)
One example is given below whereby money is donated to a PBO at a fundraising event. The relevant Act is the Income Tax Act 58 OF 1962 and Section 18A […]