– 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 […]
SARS
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 […]
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 […]
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 […]
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 […]