PRESENTATION OF UNCERTAIN TAX POSITIONS Care should be taken whenever a tax position is taken by a taxpayer, for example, a decision on whether or…
With the ever-increasing cost of living, annual remuneration increases may not always be sufficient to increase employees’ buying power. One other mechanism that employers can use to assist their employees, is by granting employees bursaries or scholarships for educational expenditure. If an employer grants a bursary or scholarship to a qualifying employee or a relative of such employee, the bursary or scholarship may possibly be exempt from normal income tax in terms of sections 10(1)(q) and 10(1)(qA) of the Income Tax Act.
The draft Taxation Laws Amendment Bill 2019 (draft TLAB) was published on 21 July 2019 for public comment. The draft TLAB proposes to increase the scope of the relief provided by the value-added tax restructuring provisions in section 8(25) of the Value-Added Tax Act No. 89 (1991).
The Tax Administration Act (2011) entitles an aggrieved taxpayer to object or appeal against an assessment and certain decisions made by SARS. But what should you do if you are aggrieved by a decision made by SARS and such decision is not subject to objection or appeal?
SARS EFILING PLATFORM UPGRADE During April 2019, SARS migrated to a new hosting platform. This also had an impact on the SARS eFiling user interface.…
The sale of debts on a non-recourse basis can be a useful cash management tool. Have you considered how recent amendments to section 22 of the Value-Added Tax Act No. 89 of 1991 will impact your corporate tax compliance?
A recent Supreme Court of Appeal case highlighted that understatement penalties not only place significant pressure on a taxpayer’s financial resources, but could also be indicative of a lack of commitment to proper corporate tax compliance and risk management. Where a taxpayer disagrees with the understatement penalty imposed, the onus is on the taxpayer to submit proof of why the relevant understatement penalty or the penalty percentage is inappropriate in the circumstances.
Effective for years of assessment commencing on/after 1 March 2019, directors of private companies are no longer specifically included as employees for purposes of the Fourth Schedule to the Income Tax Act 58 (1962).
Effective for years of assessment commencing on/after 1 January 2019, taxpayers will need to amend the manner in which they determine the doubtful debt allowance as per section 11(j) of the Income Tax Act 58 (1962).
Draft Tax Bills Published The Draft Taxation Laws Amendment Bill 2018 (TLAB) and the Draft Tax Administration Laws Amendment Bill 2018 (TALAB) were published on…