Relevant Act and Sections: VALUE-ADDED TAX ACT 89 OF 1991 and Sections 18D, 18(1), 16(3)(o), 10(29), and 9(13) SARS published a new general binding ruling in June 2023 discussing the […]
Bursaries awarded by a Resident Company and the Income Tax Consequences
Binding private ruling: BPR 389 dated 6 June 2023Relevant Act: Income Tax Act 58 of 1962, Section 1(1) – paragraphs (c) and (i); Section (1)(q); paragraph 2 of the Seventh […]
Waiver of debt by an employer relating to the unwinding of a share purchase scheme
Binding Class Ruling BCR 086 dated 26 May 2023 Relevant legislation: INCOME TAX ACT 58 OF 1962SECTIONS 1(1) – PARAGRAPHS (c) AND (i) OF THE DEFINITION OF “GROSS INCOME”, 10(1)(nE) […]
Exclusion of certain companies and shares from a “GROUP OF COMPANIES” as defined in Section 41(1) of the Income Tax Act
Relevant Acts:Income Tax ActThe Taxation Laws Amendment ActThe Tax Administration Laws AmendmentThe Rates and Monetary Amounts and Amendment of Revenue Laws Act Under specified circumstances, the corporate rules provide relief […]
Tax Guide for Small Businesses
SARS published an updated guide in 2022. It contains information about tax laws and some other statutory obligations applying to small businesses. It describes some of the forms of business […]
Mining and Petroleum Royalties and Taxation
The mining industry is governed by different pieces of legislation, such as the MPRDA, MPRRA, Income Tax Act, VAT Act, Customs and Excise Act, and NEMA. The mineral royalty was […]
Tax Compliance Status and international transfers for a non-resident
South Africa has strict foreign exchange controls that allow the South African Reserve Bank to keep track of the outflow and inflow of capital in South Africa. Taxpayers over the […]
Renewable Energy Incentives
Renewable Energy Incentives – 2023 draft Taxation Laws Amendment Bill for public comment On 21 April 2023, the National Treasury and the South African Revenue Service (SARS) published, for public […]
Employment Tax Incentive Part 2
The meaning of “employee” for purposes of the Employment Tax Incentive Act Source: SARS’ Draft Interpretation Note of March 2023 Please read the previous article “Draft Guide to the Employment […]
Employees’ tax – Personal Service Providers and Labour Brokers
Source: SARS INTERPRETATION NOTE 35 (ISSUE 5) This Note discusses the employees’ tax implications and the deductions that may be claimed by a personal service provider or a labour broker. […]