Tag: Tax Consulting SA
Employment tax incentive amendments
In a significant move to strengthen the integrity of the Employment Tax Incentive (ETI) scheme, the government has proposed amendments to Sections 1(1) and 5(3) of the Employment Tax Incentive Act, No. 26 of 2013. The ETI, introduced in 2013, aims to encourage employers to hire young job seekers by reducing the cost of employment through a government-supported cost-sharing mechanism.
SARS targets tax practitioners for clients’ tax debts
The Supreme Court of Appeal has backed Commissioner Kieswetter and issued a stern warning to all South Africans to refrain from assisting others in evading their tax obligations. Where you are caught, South African Revenue Service (SARS) will go after your personally. This is now settled law in South Africa and directors or companies, tax advisors, lawyers, accountants, or even payroll professionals can find themselves on the hook.
SARS letter of demand – an alert that must not be...
Receiving a letter of demand from the South African Revenue Service (SARS) is never to be ignored, and often, where the correct response is not timeously delivered, spells the beginning of the end for the recipient taxpayer! In their war on non-compliance, the revenue collector issues scores of final demands on a daily basis, effectively serving as a “warning-shot” or last chance, for taxpayers to remedy the non-compliance detected.
Trusts – tax compliance with SARS
With 2024 being the first year that trust taxpayers are tasked with submitting third party IT3(t) returns to South African Revenue Service (SARS) by 30 September 2024, this change of the filing season could potentially offer a silver lining for trust taxpayers, granting them additional time to prepare for their 2024 tax return filing along with the added compliance measures that come with the submission.
Foreign tax credits and rebates – taxpayer treat or trap?
In an exciting recent development, National Treasury published a set of draft Tax and Revenue Law Amendment Bills, together with accompanying Explanatory Memorandums thereto, for public comment. These draft bills contained a host of robust proposed changes to tighten certain loopholes and inconsistencies in South Africa’s tax laws.
Constitutional Court judgment on economic substance
To the relief of Coronation Investment Management SA (Coronation), the Constitutional Court has overturned the Supreme Court of Appeal’s (SCA) judgment in favour of the South African Revenue Service (SARS).
SARS and CIPC compliance crusade aimed at getting South Africa off...
On 27 June 2024, the South African Revenue Service (SARS) announced its enhanced Beneficial Ownership disclosures for the 2024 Filing Season. Not even 24 hours later, the Companies and Intellectual Property Commission (CIPC) issued a media release enforcing beneficial ownership (OB) declaration, to be able to file annual returns. This may simply be a compliance coincidence, but more likely a strategic move to eradicate non-compliance for companies, trusts, and partnerships, on all levels.
SARS Commissioner vs tax practitioners – do your due diligence
During the April 2024 SARS Revenue Results Announcement Media Conference, the South African Revenue Service (SARS) Commissioner brought to light concerning observations regarding non-compliance and delinquent behaviour by tax practitioners.
Ceasefire of Section 164 in SARS’ war on non-compliance
Dispelling accusations of any revenue collector can feel like the fight of your life, especially where you are factually not on the wrong side of the law! Amongst these collectors, the South African Revenue Service (SARS) stands firm as one of the most strategic movers, turning the fight into an all-out war, the war on non-compliance!
Safeguarding your company – impact of CIPC information breach
Reparative measures may have been taken to remedy the Companies and Intellectual Property Commission hack which reportedly took place on 29 February 2024 however this information breach may have long-lasting and detrimental effects!