Tag: Joon Chong

The South African Revenue Service (SARS) has announced the deadline dates for filing income tax returns for the 2022 year of assessment as well as the details of those exempt from filing returns. On 3 June 2022, SARS will publish a notice in the Government Gazette specifying the taxpayers that do not need to file income tax returns for the 2022 year of assessment, and the deadlines for taxpayers that have to file an income tax return.

The latest move by SARS to require the withholding of PAYE from annuity payments at an 'Effective Tax Rate' as required in directives issued to payers of annuities may help some annuitants to plan their finances but may disadvantage others.

Is it possible for creditors to apply for the winding up of a South African branch of a foreign company (an external company), even if the foreign holding company remains solvent, since the two entities are legally one and the same entity?

SARS has published a draft model and proposed legislation to establish an advance pricing agreement programme and is inviting comments on it by the end of January.

In the 2021 Budget, there are proposals to halt abuse of employment tax incentives and expand the scope of what constitutes a long-service award. The 2021 Budget Review contained several proposals in relation to individuals, employment tax and associated benefits and incentives.

The Supreme Court of Appeal (SCA) has for the second time in CSARS v Atlas Copco South Africa (Pty) Ltd, confirmed that the net realisable value (NRV) method is not a suitable method to value closing stock for income tax purposes.

Can there be a settlement with SARS if an objection was raised out of time? What are the advantages of reaching a settlement? What are the costs of not resolving a dispute?

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.

There have been a number of binding private rulings providing for the deductibility of contributions made by employer companies to share incentive trusts for the purpose of acquiring shares in the former.

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.