The Carbon Tax Act Number 15 of 2019 published in Gazette #42483 dated 23 May 2019 took effect on 01 June 2019. The Act may be downloaded here. South Africa […]
Personal Income Tax
Trusts
In South Africa, Trusts can be classified as follows: An “ownership trust”, under which the founder or settlor transfers ownership of assets or property to a trustee(s) to be held […]
Capital Gains Tax
Capital Gains Tax (CGT) was introduced in South Africa with effect from 1 October 2001 (referred to as the “valuation date”) and applies to the disposal of an asset on […]
Employment Tax Incentive Term Extended
The Employment Tax Incentive Act 26 of 2013 (the Act), was promulgated on 18 December 2013 and came into effect on 1 January 2014. The Incentive Plan has recently been […]
PAYE-AS-YOU-EARN (PAYE) Penalties
Pay-As-You-Earn (PAYE) penalties are imposed on employers in terms of the Fourth Schedule to the Income Tax Act of 1962 [the Act], read with Chapter 15 of the Tax Administration […]
New filing requirements for insolvent taxpayers
SARS published a new guide on 25 January 2019 stating that, as from 25 January 2019, individual taxpayers that are voluntarily or mandatorily sequestrated must submit income tax returns in […]
Employees’ tax in respect of an independent contractor
On 05 March 2019, SARS published an updated Interpretation Note 17 to determine whether a person is an independent contractor for employees’ tax purposes. Relevant Acts: The Fourth Schedule to […]
Economic Terms and Tax Concepts — Fiscal Drag causing higher tax rates
It often occurs that certain actions (or inactions) by government may have undesirable consequences for members of the public without the public even being aware. One of the negative consequences […]