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Wednesday, March 20, 2019
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2019 Budget Prediction

As an election year, a second State of the Nation Address (SONA) will probably be held during June 2019 wherein the newly elected government will present their programme of action for the 2020 financial year. The SONA address that was delivered by President Cyril Ramaphosa on Thursday 7 February 2019, accordingly reflected on the Medium Term Strategic Frameworks designed and implemented in the past five years.

Learn more about S12J

S12J refers to a section of The Income Tax Act. This section allows an investor to deduct the full cost of their investment into an approved s12J company against their taxable income. This benefit is available to individuals, companies and trusts and can be utilised against normal income as well as Capital Gains tax.

Benefits of maximising your RA contributions before tax year end

As the afterglow of the festive season fades, we turn our attention to planning for the next 12 months and beyond. This is a great time to reassess where we are in our journey to financial well-being.

Knowing your tax compliance status

There are many reasons why a taxpayer may want to know their tax compliance status. A taxpayer may, for example, require a Tax Clearance Certificate (TCC) for a tender or an emigration application. 

New research on profit shifting and corporate tax avoidance

A new SA-TIED research study estimates that South Africa loses about 7 billion ZAR a year due to profit shifting by multinational corporations; amounting to about 4% of total current corporate income tax receipts.

REPORT | Governments should do more to unlock the potential of...

Tax authorities could do more to realise the full potential of new technology to reduce the tax compliance burden on taxpayers, according to the 2019 edition of the annual Paying Taxes 2019 Report, produced by PwC and the World Bank Group.

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. 

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.

AMENDMENT | Tax invoice error corrections

To err is human and mistakes are sometimes made on tax invoices. Treasury has thus deemed it necessary to amend section 20 of the Value Added Tax Act 89 of 1991 (Act) which sets out the requirements for issuing tax invoices.

National Treasury to clarify tax anomalies relating to REITs

The taxation of real estate investment trusts (REITs) was discussed at the recent National Treasury Workshop on the 2018 draft Taxation Laws Amendment Bill, held on 4 September 2018, in Midrand. The correct tax treatment of certain anomalies, including the taxing of commercial lease deposits, was raised.
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