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South African tax treatment of global citizens

Statistics South Africa (StatSA) released the Community Survey in 2016 noting that a total of 94,760 South Africans have emigrated between 2006 and 2016. A more recent study performed by the Pew Research Centre in February 2018 notes that 900,000 people born in South Africa were living abroad for one year or longer. The top three destinations being United Kingdom, Australia and United States.

Investor opportunities using S12J VCCs?

In June 2009, The Income Tax Act was amended to make provision for investors to be incentivised to invest in Venture Capital Companies (VCCs).

The calm before the storm

With less than a month to go before the 2017 Budget Speech, attention is shifting to possible tax amendments expected to be implemented in the new tax year.

Give SARS no excuse to delay refunds!

An investigation by Tax Ombud, Judge Bernard Ngoepe, found that complaints of the alleged delayed payment and even payment avoidance by the South African Revenue Service (SARS), of income tax and VAT refunds, were justified.

Double dip tax claim loophole to stop

The Draft Taxation Laws Amendment Bill has proposed an amendment in order to address the tax leakage through a double dip in the claiming of the medical scheme fees tax credit.

The test for a simulated transaction

A taxpayer may organise his financial affairs in such a way as to pay the least tax permissible. Our courts have confirmed on many occasions that there is nothing wrong with arrangements that are tax effective, but there is something wrong with dressing up or disguising a transaction to make it appear to be something that it is not.

Budget 2018 | 3 Key tax areas to look out for...

High political drama in the opening weeks of Parliament aside, most South African business and personal taxpayers are expecting tax hikes across the board from the Finance Minister’s Budget Speech on 21 February. Government already faces a yawning budget deficit, aggravated by the need to find billions of rand to fund a new and unbudgeted-for commitment to free tertiary education.

Vital VAT rate increase considerations!

While the necessary legislative provisions to give effect to the proposed increase are still to be adopted by Parliament, one can accept that the Minister's proposal to increase VAT from 1 April 2018 will be implemented. A number of important issues need to be considered to ensure a seamless transition.

VDP the solution to underpayment of company VAT?

With the wave of anti-South African Revenue Service (SARS) sentiment currently washing over South Africa, paying historical value-added tax (VAT) may be a hard pill to swallow. This has resulted in many companies understating or underpaying their VAT and subsequently incurring colossal penalties in addition to the tax payable.

FPI receives ‘Recognised Controlling Body’ status by SARS

The Financial Planning Institute of Southern Africa (FPI); a South African Qualifications Authority (SAQA) recognised professional body; has recently been approved by the South...
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