Turnover tax is a simplified system aimed at making it easier for micro business to meet their tax obligations. The turnover tax system replaces Income Tax, VAT, Provisional Tax, Capital […]
Companies Act
Tax returns and the 3-year limitation period of the Tax Administration Act
Legislation:Income Tax Act – ITATax Administration Act (Section 99) – TAA Before the TAA came in to use, the Income Tax Act provided that SARS could only issue an additional […]
Export incentives – part 2
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 […]
Export incentives – part 1
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, […]
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 […]
Being Audited or Selected for Verification by SARS
In this article, we discuss the difference between a verification and an audit? Being selected for an audit and being selected for verification are two different processes. Verification is a […]
Tax treatment of customer loyalty programmes
Reference Acts Income Tax Act no. 58 of 1962Value-Added Tax Act no. 89 of 1991 Sections 1(1) – definition of “gross income”, 11(a), 23(g) and 23h of the Income Tax […]
Tax treatment of doubtful debts and debt write-off
Relevant Legislation and Standards Income Tax ActIFRS 9 (for financial reporting purposes) Section 11(j) of the Income Tax Act 58 of 1962 (the Act), as amended, provides for an allowance […]
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 […]
Things to know about Section 18A donations
In this article we list the basics of what you should know for Section 18A donations and the relevant laws. The reader is advised to also read our other articles […]