VOLUNTARY DISCLOSURE RELIEF SARS allows taxpayers to avoid criminal prosecution and regularise their tax affairs by making a disclosure under the VDP. A successful VDP application allows for an applicant […]
Capital Gains Tax
Assessed losses under the Income Tax Act
Section 20(2) of the Income Tax Act defines an “assessed loss” as “any amount by which the deductions admissible under section 11 exceeds the income in respect of which they […]
Tax Deductions (PAYE) on your Pension or Annuity
The following info is based on commentary from SARS dated 19 January 2022. Where a pensioner has ONE source of income during a tax year, the SARS employees’ tax (PAYE) […]
Tax Free Investments
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 […]
Trusts and taxation of the beneficiaries thereof
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 […]
Taxation of the receipts of deposits – Part 2
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 […]
Deferral of payment arrangements with SARS
Relevant Acts and documents Income Tax ActSARS Deferral of Payment Arrangements Guide on eFiling Acronyms relevant to this Guide and process: CIT Corporate Income TaxDWT Dividends Withholding TaxMCP My Compliance […]
Inheritance tax explained
Reference guides, standards and legislation SARS Accounting Guideline GRAP 23 – Revenue From Non-exchange TransactionsAccounting Standards Board – Standard of Generally Recognised Accounting Practice – Revenue From Non-exchange Transactions (taxes […]
Tax implications arising from the conversion of par value shares to no par value shares
Reference documents and/or legislation Income Tax Act no. 58 of 1962, as amendedSecurities Transfer Tax Act no. 25 of 2007Companies Act No. 71 of 2008, as amended The reader is […]
Addressing the Tax Challenge Arising from the Digitalisation of the Economy – OECD and International Tax Legislation
Applicable Legislation and Documents: Income Tax ActOECD’s Inclusive Framework for Base Erosion and Profit Shifting (BEPS)A previous article from Fincor dated 04 June 2020: The International Corporate Tax Problem – […]