Tag: Webber Wentzel

South Africa's tax legislation contains controlled foreign company (CFC) rules which aim to prevent South African taxpayers from locating companies in low tax jurisdictions in an effort to avoid paying South African tax.

In South Africa, as with most other countries around the world, there is no guidance and regulation regarding cryptocurrencies such as Bitcoin. The Budget Review 2018 (Budget) proposes that the income tax and value-added tax (VAT) legislation be amended to deal with cryptocurrencies, which pose a risk to the South African tax system. Given the current Budget deficit, the imposition of taxes on cryptocurrencies would assist the South African Revenue Service (SARS) with increasing its revenue collection going forward.

On 22 January 2018, at the ripe old age of 90 Minnie Mouse received her star on the Hollywood Walk of Fame. This was 40 years after her male counterpart, Mickey, received his star. A stark reminder that, even in the world of make believe, women continue to get a raw deal. 

While the necessary legislative provisions to give effect to the proposed increase are still to be adopted by Parliament, one can accept that the Minister's proposal to increase VAT from 1 April 2018 will be implemented. A number of important issues need to be considered to ensure a seamless transition.

Few market inquiries have captured the attention of South African consumers more than the inquiry into the high costs of data in South Africa. Businesses and consumers will be waiting in anticipation for the outcome of the Commission's inquiry into data costs, which is expected to be finalised in August 2018.

The curtains have come down on section 18B of the Value-Added Tax Act, No. 89 of 1991 (VAT Act) and the resultant impact may catch a few residential property developers off-guard.

The proposal to tax the sugar content of beverages first came to light in the 2016 Budget. On 5 December 2017, after 18 months of debate, Parliament adopted the tax on sugary beverages (Sugar Tax), which is expected to commence on 1 April 2018. 

South Africa’s water supply is predicted to reach a crisis point by 2030. However, could better management of this critical resource actually be the economic saviour of the country? Dr Anthony Turton, Professor in the Centre for Environmental Management, University of the Free State believes so. 

Nick Alp | Dispute Resolution Partner | Webber Wentzel | nick.alp@webberwentzel.com | www.webberwentzel.com | The Department of Justice and Correctional Services has recently published the Prevention...

A workshop was recently hosted by National Treasury on the proposed changes in the draft Taxation Laws Amendment Bill, 2017 (TLAB) on converting debt to equity. These proposed amendments in the draft TLAB are in sections 19, new sections 19A and 19B, and paragraph 12A of the Eighth Schedule in the Income Tax Act 58 of 1962.