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 Administration Act
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 […]
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 […]
Explanatory Memorandum on the Taxation Laws Amendment Bill of 2021 – CARBON TAX and RENEWABLE ENERGY
National Treasury published their updated Explanatory Memorandum on the Taxation Laws Amendment Bill of 2021 on 25 January 2022. The document is a lengthy 70 pages and this article will […]
INDIVIDUAL ITR12 RETURN FOR DECEASED AND INSOLVENT ESTATES
SARS has published an updated 57-page guide explaining the principles and procedures to follow when submitting an INDIVIDUAL ITR12 RETURN FOR DECEASED AND INSOLVENT ESTATES. The purpose of this document […]
SARS VAT Rulings Process Guide
Reference Acts and Guides Income Tax ActTaxation Laws Amendment ActRates and Monetary Amounts and Amendment of Revenue Laws Act TaxAdministration Amendment Act SARS published a guide (Issue 3) in November […]
Deduction for Photovoltaic Solar Energy Plants
Reference Acts Income Tax Act, as amended Tired of high electricity costs and the dreaded load shedding disaster affecting your business? It’s time to consider use of solar power solutions […]
Expat tax
If you’ve recently moved abroad from South Africa for work, there are a few things you’ll need to keep in mind in 2021 as a resident living temporarily abroad: the […]
Trusts and taxation of the beneficiaries thereof
This article deals with the issue of whether double taxation can occur; i.e. the trust and the beneficiary both pay tax. Definitions, explanations and clauses from the Income Tax 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, […]