Corporate tax revenue in the Treasury Department’s 2020/2021 fiscal year budget accounts for 16% of total revenue collection in South Africa. Given that this figure is higher than many other […]
Tax Administration Act
Section 23H of the Income Tax Act, No 58 of 1962 – deductions claimed for prepaid expenditure
Section 23H of the Income Tax Act is one that is often carefully reviewed by SARS for correct application by businesses. This portion of the Income Tax Act, No 58 […]
Tax relief and the R500 billion breakdown
Our government has published a breakdown of its R500 billion economic support package to help battle the impact of the coronavirus pandemic. Below is a summary of how the funds […]
VAT relief for importers in the time of the COVID-19 pandemic
Following announcement of the actions taken by government to combat the COVID-19 crisis, South Africans are by now well aware of the proposed tax measures effective from 1 April 2020. […]
Tax-based incentives offered by Government to businesses operating in South Africa(part2)
Covered in part 2 of Tax-based Incentives Industrial policy projectsSpecial Economic Zones (SEZs)Energy efficiency savings incentiveInternational shipping incentiveVenture capital companies Industrial policy projects In 2008, a ZAR 20 billion incentive […]
Tax Incentives for Research and Development
Are you aware that Section 11D of the Income Tax Act provides tax incentives and this has been in force since 2006 and is referred to as the Research and […]
SARS’ Official Functions
Have you ever wondered what SARS’ official functions may be in terms of legislation? Collection of Income Tax is merely one aspect everyone is aware of. SARS is the only […]
Tax Avoidance vs Tax Evasion
Payment of taxes is often a sensitive topic to discuss and everyone at some stage is obligated to pay their fair share. For the sake of clarity please note the […]
SARS and Tax Assessment Prescriptions
Section 99 of the Tax Administration Act regulates the prescription of tax periods. The most important circumstances in which SARS is barred from raising further assessments in relation to a […]