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Cryptocurrency traders should prepare for stricter taxes

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With the South African Bitcoin/ZAR weekly trading volume, to name just one, currently standing close to R30 million, there are various manners in which the South African Revenue Service (SARS) can track the gains made by South African taxpayers who trade cryptocurrencies.

It’s no longer business as usual with new Carbon Tax Act

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It’s a sobering thought, but South Africans have a serious climate change problem. As the world’s 14th largest emitter of carbon dioxide, we have a massive role to play in responding to climate change, and a duty to the planet to shift to a lower-carbon economy. As a signatory to the 2015 Paris Accord, United Nations member countries agreed to hasten their transition to a low-carbon future.

Mboweni’s budget update builds castles in the sky

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The June Supplementary Budget had already made it clear that South Africa was in a dire financial state. So, from that perspective, Finance Minister Tito Mboweni’s Medium Term Budget Policy Statement (MTBPS) offered very little in the way of surprises.

Clearer guidance on tax relief for future expenditure obligations

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The Constitutional Court clarified that businesses registered as taxpayers would benefit from temporary tax relief when claiming future costs from current income received under contracts that are inextricably linked. The Future Expenditure Tax Allowance essentially grants a business temporary relief by reducing its tax payable to SARS if the income received upfront will be wholly or partially used to fund future costs.

Are businesses ready for the new carbon tax payment deadline?

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The COVID-19 pandemic and subsequent lockdown saw a number of measures implemented to provide financial relief to South African individuals as well as businesses. One such measure was the deferment of the Carbon Tax deadline from the end of July 2020 to the end of October 2020 for Phase 1 contributors.

Times of change for retirement funding

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1 March 2021 marks a watershed for retirement funds in South Africa. Most are focussed on the annuitisation rules that have been pending since 1 March 2015, otherwise known as 'T-day'. While these reforms are significant, retirement fund members need to understand them in the grand scheme of things.

SARS due to make changes to the electronic record keeping requirements

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Too often, taxpayers seem to forget that the most important aspect of dealing with SARS is to ensure that they can discharge their burden of proof. As a taxpayer, it is on you to provide SARS with the relevant material that, on a balance of probabilities, supports your position. 

JUDGEMENT | An involuntary VDP application is invalid

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Voluntary Disclosure Programme (VDP) applications have been a permanent part of our law since 2012. The essence of a VDP application is that a taxpayer is incentivised to disclose to SARS a tax default by being granted some relief from the consequences of their default.

Be cyber vigilant during tax season

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The South African tax season for non-provisional individuals kicks off next month. With the South African Revenue Service (SARS) pushing for the use of its online eFiling service, we are cautioning people to be on the look out for an increase in tax scams.

Tax judgments are no ordinary judgments

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While a tax judgment may have all the effects of a judgment, it is not a judgment in the ordinary sense, but rather an enforcement mechanism for the recovery of tax. If a person has an outstanding tax debt, SARS may, after giving at least 10 business days’ notice, file with the court’s registrar a certified statement setting out the amount of tax payable.The effect of such filing is that it must be treated as a civil judgment lawfully given in favour of SARS for a liquid debt for the amount specified in the statement.

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