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Can SARS deduct tax debts from your bank account?

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Section 179 of the Tax Administration Act, 2011 allows SARS to issue a notice to a person who holds or owes money, including a pension, salary, wage or other remuneration, for or to a taxpayer, requiring the person to pay the money to SARS in satisfaction of the taxpayer’s outstanding tax debt.

In bed with SARS – a doable tax efficient investment scenario

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If you’re ever feeling a little hard-done-by thanks to SARS, know this: Government has done an outstanding job of encouraging investment and stimulating job creation (COVID-19 aside) by introducing some really forward-thinking tax incentives.

Government stealth tax to fund ailing Eskom

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Officially, for the 2019/20 financial year, government will not be increasing income taxes. The only taxes set to increase are the indirect taxes: fuel levies, excise duties on alcohol and cigarettes, and the new carbon tax coming into effect on 1 June 2019. With these increases government estimates that it will raise an additional R1.2 billion.

VDP the solution to underpayment of company VAT?

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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.

Transfer pricing | Section 31 tested

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Multinationals with South African group companies are required to adhere to South Africa’s transfer pricing legislation as found in section 31 of the Income Tax Act, 58 of 1962, which provisions in very simple terms require cross-border transactions (which include loans) to be conducted on an arm’s length basis.

Vital VAT rate increase considerations!

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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.

Get your PBO application right

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There are tax benefits for registering a non-profit organisation as a Public Benefit Organisation (PBO) with the South African Revenue Service (SARS), whether such organisation is a non-profit company, trust or association.

Focus on transfer pricing in Africa increasing!

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Tax is the price we pay for civilisation and transfer pricing is the price we pay for globalisation. Over the years, transfer pricing has...

Double tax danger for foreign companies held by foreign trusts or...

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The much-anticipated Draft Taxation Laws Amendment Bill came out on 19 July 2017. From an international tax perspective, issues of interest include the proposed changes and additions to the Controlled Foreign Company (CFC) rules. Of concern is the possibility that double tax might be payable in certain cases.

SOUTH AFRICA’S 2017 BUDGET

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Minister Pravin Gordhan and his team at National Treasury should be praised for striking the correct fiscal balance in this year’s budget. Gordhan understands...

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