WHAT BUDGET 2021 HAS IN STORE FOR ‘THE WEALTHY’ Author | Patricia Williams, tax partner at Bowmans and SAICA Tax Administration Act committee member Finance Minister Tito Mboweni delivered his 2021 Budget Speech on Wednesday 24 February 2021. While the news for taxpayers was generally good, with more than inflationary adjustment to personal income tax…
The Taxation Laws Amendment Act 23 of 2020 contains amendments to section 25B and paragraph 80 of the Eighth Schedule, which on the surface may appear inconsequential but do have important tax implications. These amendments came into operation on the date of promulgation, namely 20 January 2021 AMENDMENTS HAVING CGT CONSEQUENCES (SECTION 25B(1), PARAGRAPHS 80(2)…
3d render business concept capital gains tax crossword cubes This article is the second and final in this series examining the various reliefs and implications which can arise within capital gains groups of companies. Part 1 set out the definition of a capital gains group and how to determine which companies are part of such…
We highlight below some of SARS’ operational and tax administration matters that have been addressed recently Author | Somaya Khaki, Project Director: Tax (Member Services) SARS’ use of Adobe Flash As noted in the February issue of ASA, following the discontinuation of Adobe Flash Player and the subsequent challenges that taxpayers experienced, SARS released its…
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To avoid the risks and negative consequences of ethical gaps, there needs to be an alignment between what is said and done within the organisation. Saying and doing need to be focused on what’s right for the business, its people and its stakeholders
Ask many an accountant, be it a tax practitioner or a member in business, and they will tell you that tax administration and tax operational issues feature highly on the list of issues keeping them awake at night, more so than the tax technical issues these days. Some concerns hinge around whether the Tax Administration…
Employers sending South African employees on extended foreign secondments face various practical challenges and tax residency is one of them. The year 2017 saw National Treasury relooking the foreign remuneration exemption in section 10(1)(o)(ii) of the Income Tax Act 58 of 1962 (ITA) for the first time since the year 2000 when South Africa migrated…