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Tag: Income Tax Act (ITA)

Increasing focus on environmental taxes

Climate change and global warming are issues that have long been debated. Predictions as far back as 1982 regarding increases in atmospheric carbon dioxide are proving true.

Get your PBO application right

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.

Taxation of expats changes in the pipeline

Some South African tax residents working abroad, often referred to as 'expats', are grumbling about changes to the Income Tax Act, 1962 (the Act) which comes into effect on 1 March 2020.

Levy income and the tax exemption for residential estates

The levy income of a body corporate, share block or an association of persons, such as a home owners association ('residential estate'), is exempt from income tax by virtue of section 10(1)(e) of the Income Tax Act.However, not all income received by a residential estate is exempt from tax, only levy income. SARS recently published a new Interpretation Note 64 on the levy exemption.

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.

Offshore trust rules to be tightened?

The general principle is that South African resident individuals who have settled offshore trusts are taxed on the income and capital gains of that trust (or its underlying subsidiary) in terms of the Income Tax Act, 1962 (the Act).  

Transfer pricing | Section 31 tested

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.

Double dip tax claim loophole to stop

The Draft Taxation Laws Amendment Bill has proposed an amendment in order to address the tax leakage through a double dip in the claiming of the medical scheme fees tax credit.

TAX JUDGEMENT | When SARS prescription starts

In the recent case of CSARS v Char Trade, the Supreme Court of Appeal (SCA) that prescription begins to run against CSARS when a return for secondary tax on companies (STC) is submitted to SARS by a taxpayer.

Dividend treatment overlap

Section 1 of the Income Tax Act (ITA) defines a 'dividend' to be any amount transferred by a resident company for the benefit of any person in respect of any share in that company whether by way of a distribution or consideration for a share repurchase, but does not exclude a reduction of contributed tax capital of the company.
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