Corporate Tax – Fincor

May 3, 2022 Marc DerfoldyCorporate Tax, Employment Tax Incentive, Income Tax Act, Personal Income Tax

Tax Incentives and their expiry date

Tax incentives are applied to encourage certain behaviours and activities by providing businesses and individuals with favourable tax treatment. The introduction of a tax incentive is generally based on a […]

March 23, 2022March 23, 2022 Marc DerfoldyCompanies Act, Corporate Tax, Income Tax Act, Investments, P.A.Y.E, Personal Income Tax

Turnover Tax

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 […]

March 15, 2022March 15, 2022 Marc DerfoldyCompanies Act, Corporate Tax, Income Tax Act, Tax Administration 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 […]

February 22, 2022February 22, 2022 Marc DerfoldyCapital Gains Tax, Corporate Tax, Income Tax Act, Pension Funds, Provident Funds

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) […]

November 10, 2021November 10, 2021 Marc DerfoldyCompanies Act, Corporate Tax

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 […]

November 4, 2021November 4, 2021 Marc DerfoldyCompanies Act, Corporate Tax, Tax Administration Act

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, […]

October 12, 2021October 12, 2021 Marc DerfoldyCompanies Act, Corporate Tax, Income Tax Act, Tax Administration Act

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 […]

October 6, 2021October 6, 2021 Marc DerfoldyCapital Gains Tax, Carbon Tax, Corporate Tax, Income Tax Act, P.A.Y.E, Personal Income Tax, Tax Administration Act

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 […]

September 28, 2021September 28, 2021 Marc DerfoldyCompanies Act, Corporate Tax, Income Tax Act

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 […]

September 7, 2021September 7, 2021 Marc DerfoldyCompanies Act, Corporate Tax, Tax Administration Act

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 […]