Tag: Madelein Grobler

The Constitutional Court clarified that businesses registered as taxpayers would benefit from temporary tax relief when claiming future costs from current income received under contracts that are inextricably linked. The Future Expenditure Tax Allowance essentially grants a business temporary relief by reducing its tax payable to SARS if the income received upfront will be wholly or partially used to fund future costs.

As an election year, a second State of the Nation Address (SONA) will probably be held during June 2019 wherein the newly elected government will present their programme of action for the 2020 financial year. The SONA address that was delivered by President Cyril Ramaphosa on Thursday 7 February 2019, accordingly reflected on the Medium Term Strategic Frameworks designed and implemented in the past five years.

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.

Corporates 'can' acknowledge that winding up a dormant company within their South African group of companies can result in a tax headache.