Tag: income tax return
The new R50 Million asset disclosure – SARS’ due diligence or...
The South African Revenue Service (SARS) has been hinting at introducing a wealthy individual “specific asset” disclosure for some time – and it is finally here! As of the commencement of the 2023 Tax filing season, individuals holding assets valued at R50 million or more now need to provide a “high level” disclosure to SARS.
CIPC and SARS align to eradicate non-compliance at all levels
If you hold “beneficial ownership” in relation to a company, you should already be aware of the new “beneficial ownership register” functionality now on the Companies and Intellectual Property Commission (CIPC)’s e-services platform.
Tax Court confirms auditor’s advice is not ‘Get-Out-Of-Jail-Free’ card
The Tax Court has again confirmed that there is no safety for taxpayers in relying on their auditor’s views to justify a tax position adopted. To the contrary, where a taxpayer infers that their tax position is justified 'because my auditor said so', it can actually result in a larger tax penalty.
