Tax

South Africa can promote future investment and encourage corporate growth by addressing discrepancies in laws governing mergers and amalgamations. Section 44 of the Income Tax Act governs merger and amalgamation transactions from a tax perspective. It provides tax rollover relief if certain requirements are met.

The South African Revenue Service (SARS) has signalled a stronger focus on Pay-As-You-Earn (PAYE) compliance. Furthermore, SARS PAYE compliance focus is highlighted in its 2023/24 Annual Report. SARS's renewed attention includes a rigorous auditing strategy targeting employers. The aim is to ensure PAYE is accurately held and remitted.

The vidcast dives into the real cost of education. We dig into the costs associated with various stages of the educational journey and reflect on both public and private educational costs. We focus on the value of the education and whether or not the cost justifies the potential return.

The South African Revenue Service (SARS) has marginally improved refund payment time frames, but it needs to prioritise improving service delivery and building trust with taxpayers. In his recently delivered Medium-Term Budget Policy Statement (MTBPS), Finance Minister Enoch Godongwana announced a tax revenue shortfall of R22.3 billion.

South African Revenue Service (SARS) and the Investigating Directorate Against Corruption (IDAC) have joined forces. Their collaboration targets financial crimes, including tax-related offences. This partnership aims to bolster efforts to make tax non-compliance both difficult and costly.

National Treasury is set to address a critical anomaly in the Value-Added Tax Act, No. 89 of 1991 (VAT Act). This anomaly has significant implications for multinational companies with foreign subsidiaries.

The 2024 Medium Term Budget Policy Statement (MTBPS) was tabled to Parliament on 30 October 2024 by South African Finance Minister Enoch Godongwana.

In a significant move to strengthen the integrity of the Employment Tax Incentive (ETI) scheme, the government has proposed amendments to Sections 1(1) and 5(3) of the Employment Tax Incentive Act, No. 26 of 2013. The ETI, introduced in 2013, aims to encourage employers to hire young job seekers by reducing the cost of employment through a government-supported cost-sharing mechanism.

The vidcast dives into sovereign wealth funds and how they work. We unpack the requirements for a good fund, the risks to implementation and the overall benefits to the economy. We also posture various ways of potentially implementing such a fund in South Africa.

Cryptocurrency traders in South Africa are focused on understanding the tax implications of their transactions. These transactions are relative to the Income Tax Act. This has been challenging, as SARS has only stated that "the normal rules apply." They have not provided authoritative guidance on cryptocurrency-related transactions or when profits are considered capital or income.