Tax

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.

Corporates 'can' acknowledge that winding up a dormant company within their South African group of companies can result in a tax headache.

Low-interest or no-interest loans to trusts are again in the sights of SARS and the Treasury. The 2017 Draft Taxation Laws Amendment Bill (Draft TLAB)...

In certain circumstances, SARS may hold a person personally liable for the tax debt of another taxpayer. Broadly, the at-risk third parties fall into...

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

In 2016, the Income Tax Act (“the Act”) was amended to provide for a further tax burden where (by and large) individuals had advanced...

KPMG in South Africa has launched a Learnership Incentive Tax Tool (LITT), an app that provides an additional tax deduction for registered learnerships. The objectives of this tax incentive are to encourage the creation of jobs by reducing the cost of hiring new employees, offering learnerships and to encourage skills development in the workplace.

After much speculation over the past few weeks as to how the Minister of Finance would ‘plug the deficit’ in his Budget Speech on 22 February 2017, he has chosen to rely on personal income tax (including trusts) by increasing the top-end rate from 41% to 45%, a dividend withholding tax increase from 15% to 20% (with immediate effect) and increased Fuel and Road Accident Fund levies.

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...

Personal Income Tax As many pundits predicted, the Minister of Finance today announced a new 45% tax bracket for individuals which will apply to taxable...