A small group of naïve billionaires in the United States are lining up begging for higher taxes on the super rich. I say naïve because they itemise a whole list of problems they imagine can be solved with this additional tax. The whole thing reminds me of the history of foreign aid in Africa.
To assist employers and employees with over-coming transport-related difficulties, the Income Tax Act introduced a mechanism to allow employers to provide transport services to their employees and that, although qualifying as a taxable fringe benefit in the employees' hands, no taxable value was given to such benefit.
On 22 May 2019, the President assented to the Carbon Tax Act, 15 of 2019 (Carbon Tax Act), effective from 1 June 2019. The Carbon Tax Act has been implemented as part of South Africa's commitments under the Paris Agreement as a means to reduce greenhouse gas emissions and the challenges of climate change.
In light of the recent announcement that the tax return threshold will be lifted from R350,000 to R500,000, it is crucial for South Africans to fully educate themselves on their filing obligations, or risk incurring possible fines by the South African Revenue service (SARS).
The Carbon Tax Act 15 of 2019 (Carbon Tax Act), the Customs and Excise Act 91 of 1964 (Customs Act) and the Customs and Excise Amendment Act 13 of 2019 (Customs Amendment Act) pose numerous uncertainties on the road to implementation of carbon tax. We have mapped out below a pathway to assist taxpayers in navigating the complex statutes regulating carbon tax.