Tag: tax liability

Investing for retirement through a retirement annuity (RA) is an effective and rewarding way to save for retirement because of the unique benefits offered. The most significant benefit is the fact that you can enjoy unparalleled tax savings, which you can use to boost your retirement savings.

The South African Revenue Service (SARS) has made evident its no-nonsense stance in media statements over the preceding months and shown that actions speak louder than words in light of the recent judgements of the Pretoria High Court on the state capture loot, and Zuma’s tax records.

It has long been on the cards that the South African Revenue Service (SARS) should upgrade their systems and modernise the fact of tax in South Africa. This would enable the easier facilitation of compliance for the country’s growing tax base.

National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget. Highlighted are five key changes proposed by government that taxpayers need to be aware of.  

As 28 February 2021 looms near on the horizon, so too does the deadline for the second provisional tax submissions for 2021. This February will be the most important tax submission to date for expatriates earning above the R1.25 million threshold as they will now be exposed to a previously non-existent tax liability in South Africa.

December has arrived, and with Christmas around the corner, many employers are left in a pickle when deciding on gestures of good faith and appreciation for their employees.

The COVID-19 pandemic and subsequent lockdown saw a number of measures implemented to provide financial relief to South African individuals as well as businesses. One such measure was the deferment of the Carbon Tax deadline from the end of July 2020 to the end of October 2020 for Phase 1 contributors.

The first period for provisional tax ends on 31st August. Provisional taxpayers must therefore have submitted their initial IRP6 return and settled any payments due by that date. In addition, COVID-19 relief allowances make the calculation of estimated tax all the more complicated and I advise those who wish to take advantage of this relief to act promptly to beat the deadline.

It’s a sobering thought, but South Africans have a serious climate change problem. As the world’s 14th largest emitter of carbon dioxide, we have a massive role to play in responding to climate change, and a duty to the planet to shift to a lower-carbon economy. As a signatory to the 2015 Paris Accord, United Nations member countries agreed to hasten their transition to a low-carbon future.

For those who have been subjected to a SARS audit, it may be hard to imagine a reality where this experience can be any more agonising. If this resonates with you, perhaps consider a world where SARS makes you pay for the resources it had to expend in putting you through this ordeal. The truth is, it can.