Reference Acts and Documents Value-Added Tax ActSARS VAT Tax Form 264SARS Binding General Ruling (VAT)43 (BGR43)SARS Interpretation No. 49 – Notional VAT and second-hand property What is Notional VAT? Subject […]
Corporate Tax
Earnings thresholds, Income Tax thresholds and Minimum Wage updates
Reference documents Basic Conditions of Employment Act, as amendedIncome Tax Act, as amendedNational Budget Speech, February 2021National Minimum Wage Act, as amended This article gives a brief overview of salary […]
Tax refunds from SARS
Reference documents and sites www.sars.gov.zaITR12 – annual tax return submitted by the taxpayerITA 34 – SARS notification to the tax payer via e-Filing and emailIncome Tax ActTax Administration Act In […]
Wilful conduct (misconduct) for tax related offences – proposed amendments as per 2020 Draft Taxation Laws Amendment Bill (Draft TLAB) and the 2020 Draft Tax Administration Laws Amendment Bill (Draft TALAB)
Reference documents: Income Tax Act, 1962, as amended, paragraph 30 of Fourth ScheduleTax Administration Act, 2011, section 234(p)Section 58 of the Value Added Tax Act, 1991 The days of using […]
Dividends tax: proposed amendments to the taxation of manufactured dividends
Reference documents available on the SARS website; www.sars.gov.za: Income Tax Act of 1962 as amended 2020 draft Taxation Laws Amendment Bill (“DTLAB”) was released on 31 July 2020 Draft Response […]
Government Employees Pension Fund and Child Pension
WHO IS GEPF? The Government Employees Pension Fund (GEPF) is Africa’s largest pension fund with more than 1.2 million active members, in excess of 450 000 pensioners and beneficiaries, and […]
Defining “Goodwill” and it’s tax treatment
Studies on goodwill have dated as far back as the late 1800’s and have remained a topic of argument and debate to present day. Goodwill in accounting is an intangible […]
SECURITIES TRANSFER TAX
This articles discusses the basics of Securities Transfer Tax. Relevant Legislation: Securities Transfer Tax Act No. 25 of 2007Securities Transfer Tax Administration Act No. 26 of 2007Income Tax Act No. […]
IFRS and IFRS 3 – Business Combinations
IFRS is short for International Financial Reporting Standards. IFRS originated in the European Union, with the intention of making business affairs and accounts accessible across the continent. IFRS is the […]
Carbon Tax update – September 2020
This article follows on from a previously published article of January 2020 with newly published info from SARS Carbon Tax Act Roadshow of August 2020. This article focuses on the […]