Source: SARS.GOV.ZA A Section 18A tax deductible receipt is an official document issued by a Section 18A-approved institution to a donor who makes a qualifying donation. It serves as evidence […]
SARS
Diesel Refund for Food Manufacturers – Registration
Initially scheduled for 26 September 2023, the rollout date for the Diesel Refund for Food Manufacturers Scheme (DRFMS) has been extended to 29 September 2023. The South African Revenue Services […]
High wealth individuals and SARS disclosure
SARS increases its focus on wealthy individuals and offshore holdings The South African Revenue Service (SARS) is committed to its strategic intent to develop and administer a tax and customs […]
SARS Guide for Tax Rates/Duties/Levies (Issue 16)
– August 2023 update SARS regularly updates its guides. One such recent update is their 68-page Guide for Tax Rates, Duties, and Levies (Issue 16) published in August 2023. In […]
Value-Added Tax Modernisation
SARS published a discussion paper for Value-Added Tax Modernisation in September 2023. The discussion document seeks to achieve the following: The modernisation will impact businesses that are registered or required […]
Tax Guide for Share Owners
This article (number one of a series of articles) summarises some of the key aspects holders of shares need to be aware of in computing their liability for income tax […]
Transparency and Beneficial Ownership – Legal Entities and Legal Arrangements
Filing of Beneficial Ownership information is required by the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022. The Act amended the Companies Act and gave […]
Publication of multilateral convention to implement the tax-treaty related measures to prevent base erosion and profit shifting (BEPS MLI)
When reading this article, the reader is advised also to read three previous articles published on www.fincor.co.za for further clarity: “The International Corporate Tax Problem – Base Erosion and Profit […]
Prohibition of deductions in respect of certain intellectual property – part 1
Sources:SARS Interpretation Note 120Section 23I of the Income Tax Act Background The use of intellectual property belonging to another person normally carries a charge in the form of a royalty. […]
Temporary application of new dwellings for exempt supplies simultaneously held by developers for taxable purposes
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 […]