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 […]
Income Tax Act
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) […]
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 […]
Tax exemption for foreign employment income
On 01 March 2020, changes to the exemption for foreign employment income in s10(1)(o)(ii) of the Income Tax Act No 58 of 1962 (Act), will come into effect. Until then, […]
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 […]
Draft Income Tax Amendment Bill – Commentary
SARS published an explanatory document of the Draft Income Tax Amendment Bill on 30 July 2019. This three page document summarises two aspects of the Draft Bill: REPEAL OF THE […]
Tax filing season starts on 01 July
Filing season for taxpayers who have been making use of e-Filing will start on 01 July or 01 August 2019 depending on your tax classification. Non-provisional taxpayers who use e-Filing […]
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 […]