Tag: income tax

An interview with Gigi Nyanin, Project Director, Tax Publications and Thought leadership, South African Institute of Chartered Accountants (SAICA), and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing the auto assessments that the South African Revenue Service (SARS) introduced in August 2020 which provided them with the ability to file income tax returns on behalf of taxpayers.

In August 2020, the South African Revenue Service (SARS) introduced auto assessments which provided them with the ability to file income tax returns on behalf of taxpayers. These auto assessments are populated from a taxpayer’s information which is collected from third parties such as financial institutions, employers, and medical aid schemes.

When the minister of finance delivered Budget 2020/21 on 26 February 2020, COVID-19 was mostly contained to China (with other countries registering few cases). The budget therefore made virtually no provision for what was to become one of the largest health and economic meltdowns in the past 90 years. As such, except for the growing fiscal deficit, the main and consolidated budgets[1] contained no earth-shattering announcements.

The global economy has been left winded and weak by the effects of the COVID-19 pandemic and governments the world over have a difficult task ahead. With the Minister of Finance delivering his much-anticipated 2021 National Budget this Wednesday (24 February 2021), one can’t help but reflect on what solutions need to be implemented to rebuild what was lost in 2020 because of the pandemic and years of low economic growth before then. Whatever the solutions, they need to be monumental and perhaps even radical in order to revive our economy.

South Africa is limp wristed from unclear definitions and objectives that are used at different moments to drive ambiguous agendas. South Africa lacks a clear definition for transformation, and thus every other organ of change abdicates their role in shaping the country in a progressive direction.

The envisaged future relaxation of the prohibition on 'loop structures' will be accompanied by amended tax laws, but current proposals are likely to result in more tax on certain structures. National Treasury has proposed a number of amendments to tax legislation as a result of the potential future relaxation of the SA Reserve Bank's current prohibition on so-called 'loop structures'. 

An interview with Jean-Louis Nel, Tax Attorney, Tax Consulting SA, and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing how the Pretoria High Court granted a small business owner an urgent basis for relief against SARS who depleted his bank account without following due process.

Earlier this month, the Pretoria High Court granted a small business owner an urgent basis for relief against the South African Revenue Service (SARS) who depleted his bank account without following due process. The court ordered SARS to set aside the third appointment of Absa who collected R1.3 million on behalf of SARS from the taxpayer’s bank account in terms of Section 179 of the Tax Administration Act (TAA).

An interview with Kevin Black, Director, VAT Claims International, and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing how COVID-19 and the lockdown has severely impacted business cash flows. Surviving the shock is challenging the resilience of enterprises and executives.

The impact of COVID-19 and the lockdown has severely squeezed business cash flows. Surviving the shock is challenging the resilience of enterprises and executives alike. How management adapts will test their agility and resourcefulness. If not enough is done, the very survival of the business will be at stake.