This article deals with taxation related to REITs – “Real Estate Investment Trust” as defined and dealt with in the Income Tax Act, Section 25BB and will be a series […]
Income Tax Act
Rules for the taxation of interest payable by SARS under Section 7E of the Income Tax Act
I, for one, never wish to pay SARS more tax than necessary. In fact, we pay too much in comparison with worldwide averages. This article explains how Section 7E of […]
DISQUALIFICATION AS A QUALIFYING COMPANY UNDER SECTION 12R(4)(b)
Income Tax Act 58 OF 1962, Section 12R(4)(b)Binding General Ruling (BGR) dated 22 February 2022 The Department of Trade and Industry has established various special economic zones (SEZ’s) within designated […]
Employee Allowances for the 2023 Tax Year
SARS updated their Employers Guide for Tax Allowances related to Subsistence Allowance, Travelling Allowances and Public Office Holder Allowances in line with the budget presented in February 2022. SUBSISTENCE ALLOWANCE […]
Interpretation Note for public comment: Understatement penalty and meaning of “maximum tax rate applicable to the taxpayer”
SARS released an Interpretation Note in March 2022 for public comment due on or before 27 May 2022. The relevant law is Section 222(5) of the Tax Administration Act. This […]
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 […]
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 […]
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 […]
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 […]
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) […]