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Tag: Income Tax Act (ITA)

Navigating tax deductions – lessons from the Unitrans case

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The Gauteng High Court recently dismissed the appeal of Unitrans Holdings (Unitrans) against the Tax Court judgment which had denied a tax deduction for interest incurred. The court found that the interest incurred was not closely connected to Unitrans’ business operations as an investment holding company and that the purpose of the interest was not to produce income but to further the interests of the subsidiaries.

Unpacking onerous adjustments to the apportionment formula

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The shortcomings of the Value Added Tax (VAT) apportionment formula set out in 2011, have been addressed in a new formula which applies with effect from all financial years commencing on or after 1 January 2024. We highlight important adjustments to the formula which is laid out new Binding General ruling, BGR 16 (Issue 3).

Tax hurdles for remote workers and digital nomads

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South Africa remains a hot spot for remote work. On the one hand, digital nomads and remote workers with foreign employers get to enjoy the South African lifestyle, good weather, and the luxury of earning Dollars and Pounds. On the other, foreign companies benefit from employing skilled South Africans, comparatively cheaper than their foreign counterparts, and without the burden of adhering to South African tax compliance regulations.

Decoding expat tax

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Expatriate tax is complex, intricate and can be challenging to understand – especially if one does not have the basics, such as what is an expat, down pat. Simply, an expatriate, or expat, is an individual who has relocated from their home country to another, either temporarily or permanently.

Investment in renewable energy is a fundamental business decision

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We are pleased to share our second South Africa Economic Outlook report for 2023. In the wake of Budget 2023 and announced incentives for investment in solar power generation, this edition focuses on green incentives and their role in encouraging local businesses to invest in renewable electricity generation.

Expanded renewable energy incentives to tackle electricity crisis

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Every South African is currently faced with the ongoing negative effects of rolling electricity blackouts, which Government euphemistically refers to as “load shedding”. It affects our businesses, our homes, our livelihoods, our safety and our faith in the future of our country.

‘Two-pot system’ for retirement funds to commence 1 March 2024

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In his budget speech on 22 February 2023, the Minister of Finance announced that the proposed two-pot system will take effect on 1 March 2024. Many had hoped for a delayed implementation date, given the development required to systems to accommodate the new structure.

Two-Pot System for retirement funds

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South Africa’s retirement fund legislation has undergone a series of changes since 2012 as part of government’s retirement reform process, which is aimed at ensuring that retirees make adequate retirement provision.

The A-Z of SA property transactions for foreign buyers (and local...

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Despite South Africa’s political turmoil and energy crisis, there is still significant interest from international property buyers who are drawn by the country’s inimitable lifestyle and the fact that that they can get considerably more bang for their buck here than in comparable areas abroad.

If growth is South Africa’s aim, it’s time for Jan Tax...

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South Africa’s tax laws were designed for a high-income society – a result of a long history of the country accommodating a small, wealthy economy, and a large, poor one. But for a country with tens of millions being either unemployed or receiving very little income, being one of the world’s highest-taxed states does not make sense, particularly when small business growth is so crucially important to our economic future.

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