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Budget Tax Guide

29 Mar 2017

Download the Budget Tax Guide from SARS.

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Say Hello to $3 Trillion in Forgotten Debt

29 Mar 2017

Companies have been on a borrowing binge, but you wouldn’t always know the full scale of their liabilities by looking at the balance sheet. This makes it hard for investors to compare businesses that fund their activities in different ways. Happily though, that’s about to change.

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Trusts – the new position

29 Mar 2017

On 19 January 2017 the Taxation Laws Amendment Act, No 16 of 2016 (2016 Amendment Act) came into effect. The 2016 Amendment Act introduced s7C into the Income Tax Act, No 58 of 1962 (Act) which provision will come into effect on 1 March 2017. Section 7C will bring about some important changes to the tax dispensation applicable to trusts

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Budget 2017 is going to be painful

7 Feb 2017

It appears that 2016 is going to end on a worse note than earlier anticipated. Tax experts now anticipate the revised anticipated tax shortfall of R23 billion to increase by another R7 billion.

 

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Under the radar: Today one tax rate, tomorrow another?

29 Nov 2016

Since the first version of the Draft Taxation Laws Amendment Bill, 2016 (First Draft TLAB) and the Explanatory Memorandum thereto (Memorandum) were released on 8 July 2016, the proposed amendments applicable to trusts and employee share schemes received most of the attention.

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The donations tax consequences of a transaction to introduce a BEE shareholder into a group

11 Nov 2016

On 19 October 2016, the South African Revenue Services (SARS) issued a binding private ruling (BPR 253) which deals with the donations tax consequences in respect of a transaction which has the effect of introducing a Black Economic Empowerment (BEE) shareholder into a group of companies in order to benefit all the entities within the group in respect of their BEE scorecard ratings and increase the profitability of the Applicant (X), a South African resident company.

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Section 103(2) utilisation of assessed losses revisited

11 Nov 2016

Section 103(2) of the Income Tax Act, 58 of 1962 empowers the Commissioner (the “Commissioner”) for the South African Revenue Service (“SARS”) to disallow the setting off of an assessed loss or balance of an assessed loss against the company’s income if the relevant requirements are met.

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How far back into the past a vendor may claim input VAT

19 Oct 2016

Proviso (1) to Section 16(3)(n) of the VAT Act states that: “where any vendor is entitled under the preceding provisions of this subsection to deduct any amount in respect of any tax period from the said sum, the vendor may deduct that amount from the amount of output tax attributable to a later tax period which ends no later than five years after the end of the tax

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SARS Special stoppers

19 Oct 2016

Please note that for almost all refunds SARS has issued a “Special Stopper”. This is effectively a system-generated hold, placed on your tax account, and requires re-verification of (pre-existing) taxpayer information.

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Due date for Annual Financial Statements

19 Oct 2016

Are you aware that the Companies Act (No71 of 2008 section30) requires companies to prepare Annual Financial Statements within six months after the end of its financial year?

 

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