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Criminal sanction for tax return non-submission!

The South African Revenue Service (SARS) has created some nervousness in the South African tax base by embarking on an initiative to criminally prosecute taxpayers who fail to submit their tax returns. Whilst the threat of a criminal record and a fine ought to serve as sufficient incentive to submit one’s return, it is perhaps worth pointing out that submission of returns also gives taxpayers access to the Voluntary disclosure Programme (VDP), which affords acquittal from far more serious criminal sanctions.

Tax return filing

If filling in a tax return were an easy task, South African Revenue Service (SARS) would not have a page dedicated to How to complete your income tax return. When in doubt, turn to a professional for advice, but in the meantime here are some tips for a smooth tax return submission:

South African expatriate tax legislation

Incorrect information and advice from tax practitioners, or in some cases South African Revenue Service (SARS) officials, has resulted in the misunderstanding of complex South African expatriate tax legislation, which has landed many South African in deep water with SARS.

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.

NEDS MUST REGISTER FOR VAT!

SARS has confirmed the interpretation of the VAT law that requires non-executive directors (NEDs) of companies to register for and charge VAT in respect...

Tax revenue performance 2018/19?

A major concern on the minds of business and the public in general is how tax revenue collections are performing and whether we can expect further tax increases in the 2019 Budget.

NEW BILLS SIGNED INTO LAW

On 11 January 2017, President Zuma signed the following Finance Bills into Law. Taxation Laws Amendment Act The main purpose of the Bill is to amend...

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.

Medium-Term Budget Policy Statement #MTBPS2017 – impacts us all!

Craig Pheiffer | Chief Investment Strategist | Absa Stockbrokers & Portfolio Management | prmedia@absa.co.za | www.absa.co.za | The Medium-Term Budget Policy Statement (MTBPS) - often referred...

Emigrating? – ensure your tax affairs are in order

While South African citizens temporarily working overseas are still subject to South African tax laws, individuals who wish to permanently emigrate to a new country need to ensure that they follow the correct steps to enable them to take their savings with them and avoid running up against unnecessary tax problems down the line. 
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