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Income Tax

October 31, 2019October 31, 2019 fincorIncome Tax Act, Personal Income Tax

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, […]

October 4, 2019October 4, 2019 fincorCorporate Tax, Income Tax Act

Corporate Income Tax Rates in South Africa

Facts for Corporate Income Tax are given below. Between 1 April 2019 and 31 March 2020 the tax rate applicable for corporate income of both resident and non-resident companies for […]

August 31, 2019August 31, 2019 fincorIncome Tax Act, P.A.Y.E, Personal Income Tax, Tax Administration Act

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 […]

August 14, 2019September 20, 2019 fincorCarbon Tax, Income Tax Act

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 […]

July 29, 2019July 29, 2019 fincorCapital Gains Tax, Income Tax Act

Goodwill – Capital Gains Tax and Accounting

This article discusses the basics of “Goodwill” from an accounting perspective. Relevant Legislation: Income Tax Act 58 of 1962 (as amended) Taxation Laws Amendment act 5 of 2001 (and various […]

July 16, 2019July 16, 2019 fincorIncome Tax Act, P.A.Y.E

Tax on Foreign Earnings

National Treasury announced earlier on 2019 that it intends to change the provision in the tax law that exempts South African tax residents from paying tax on income from foreign […]

June 25, 2019June 25, 2019 fincorCapital Gains Tax, Income Tax Act, P.A.Y.E, Pension Funds, Personal Income Tax, Provident Funds, Retirement

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 […]

April 4, 2019April 4, 2019 fincorIncome Tax Act, Personal Income Tax

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 […]

March 25, 2019March 27, 2019 fincorValue Added Tax

VAT on electronic services

As from 01 April 2019, every person conducting an enterprise in the context of electronic services, which has made taxable supplies in excess of R1 million in any consecutive 12-month […]

Recent Posts

  • Interpretation Note for public comment: Understatement penalty and meaning of “maximum tax rate applicable to the taxpayer”
  • Tax Incentives and their expiry date
  • The SARS Voluntary Disclosure Programme (VDP)
  • Assessed losses under the Income Tax Act
  • Turnover Tax
  • Tax returns and the 3-year limitation period of the Tax Administration Act
  • Explanatory Memorandum on the Taxation Laws Amendment Bill of 2021 – CARBON TAX and RENEWABLE ENERGY
  • Tax Deductions (PAYE) on your Pension or Annuity
  • Rand Mutual Assurance Fund – earnings reporting for compensation and assessment purposes
  • INDIVIDUAL ITR12 RETURN FOR DECEASED AND INSOLVENT ESTATES
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