Tag Archives: SARS

Bitcoin is Taxable!

SARS has released a media statement on Bitcoin in which it states that people dealing in Bitcoins or other cryptocurrencies are subject to normal Income Tax law in terms of gross income, tax deductions or Capital Gains Tax. SARS are … Continue reading

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Taxpayers: Why YOU Should Participate in this Local Survey by SAICA

The cost of tax compliance has recently been in the spotlight as SARS’ revenues have fallen and pressure is mounting on taxpayers to spend even more time on tax compliance. Reducing these costs will have beneficial effects on the economy: … Continue reading

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Allowable Stock Deductions: Hopefully Less Tax, Less Admin

George, the CEO of a company, was driving with his Finance Director, James, to a meeting. George had learned of a recent Tax Court case around stock values and was curious to know more. “James what does this stock case … Continue reading

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Taxpayers: Good News in the Season of Good Cheer?

There are no important tax deadlines for December, so let’s look at some potentially great news for taxpayers. Could the “pay now, argue later” principle be repealed? The Davis Tax Committee (DTC) has recommended that taxpayers be given a Taxpayer … Continue reading

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What’s Behind the SARS Inquiry?

The Minister of Finance has announced that the President has agreed to an independent inquiry chaired by a judge to probe why SARS is missing its revenue targets – this year it is forecast to miss budgeted tax collections by … Continue reading

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Groundhog Day with SARS for Deceased Estates: Expect Delays

“A situation in which a series of unwelcome or tedious events appear to be recurring in exactly the same way” (Oxford English Dictionary definition of “Groundhog Day”) Recent changes to legislation have made it more frustrating and time-consuming to wind … Continue reading

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Your Tax Deadlines for November and “Watch Out, SARS is On The Warpath!”

Non-provisional taxpayers using eFiling or electronically submitting from a SARS office need to file their 2016/2017 Income Tax Returns on or by 24 November. Secondly, tax compliance levels are slipping and SARS is planning to aggressively counteract this, noting that … Continue reading

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Tax on Offshore Income – A Change in Plan

SARS recently issued a draft Tax Bill which proposed taxing South African residents the difference in taxation on offshore income earned. Thus, if 10% tax was paid on overseas income then the taxpayer was liable to pay what would have … Continue reading

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Are You Struggling to Get Your Tax Refund?

There is a feeling that taxpayers are getting fed up over the amount of tax they have to pay. Add to this the adverse publicity SARS has received as one of the focal points of the current political struggles and … Continue reading

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Payslips Are Important! A Practical Guide to Getting Them Right

Getting payslips correct for your staff carries legal responsibilities for both you and the staff member. Payslips are of course often used in the public domain, such as for getting bank loans, and so they are a public reflection of … Continue reading

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