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 […]
Corporate Tax
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 […]
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 […]
Employment tax incentives – students and the definition of employees
Reference documents and Acts Employment Tax Incentive ActBinding Private Ruling: BPR 367 from SARSIncome Tax Act The Employment Tax Incentive (ETI) was introduced in 2014 to encourage the employment of […]
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 – […]
Home Office expenses, deductions and tax
Reference Acts: Income Tax Act, Sections 11 and 23 This article deals with home office usage for business purposes and the associated tax implications. It has become very common for […]
Debt reduction provisions of the Income Tax Act and Taxation Laws Amendment Act
Reference Acts Income Tax actTaxation Laws Amendment Act (TLAB) In this article, we briefly discuss the debt reduction provisions of the Income Tax Act and Taxation Laws Amendment Act. Section […]
Interest-free shareholder loans, interest-bearing loans and loans to Trusts
Reference Acts Income Tax ActSchedule 7 of the Income Tax ActSection 24J of the Income Tax ActSection 19 of the Income Tax ActSection 7C of the Income Tax ActTax Administration […]