Tag Archives: Tax

VAT Taxpayers: New Relief on Correcting Tax Invoices

There has been an anomaly in VAT law which new legislation has now largely resolved. The problem with the old position  It has always been simple to correct calculable errors in tax invoices, such as price. A VAT debit or … Continue reading

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Be Aware Of the Changes to VAT on Electronic Services

The Minister of Finance warned in his 2017 Budget speech that VAT on electronic services would be widened. Treasury has now published regulations that come into effect on 1 April 2019. The major changes The definition of “Electronic Services” has … Continue reading

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Deemed Accruals Can Seriously Disrupt Your Cash Flow – A Tax Lesson for Property Developers

A recent Supreme Court of Appeal (SCA) judgment has confirmed a view that our courts have held for a long time – namely that when a property developer enters into an agreement with a buyer to transfer the property, even … Continue reading

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Beware the New Corporate Income Tax Penalties! And Your Tax Deadlines For November

There are only run-of-the-mill tax deadlines for November but companies need to take note of a new warning from SARS that it will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns.  Until now, penalties … Continue reading

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Is Your Problem With SARS A Systemic Issue? If So, Speak To the Tax Ombud

Many taxpayers are experiencing frustrations in their dealings with SARS. The Tax Ombud is there to assist taxpayers if they have experienced: Procedural difficulties Service issues Administrative problems and the taxpayer has exhausted all avenues of appeal with SARS with … Continue reading

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When Do We Stop Working for SARS This Year?

It has become a global phenomenon measuring Tax Freedom Day, the day up to which you work to pay your taxes – only after Tax Freedom Day do you start working for yourself. In 2018 it takes us South Africans … Continue reading

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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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Sugar Tax: Is It Good For Us?

“This feels like a victory for Britain’s children” (celebrity chef Jamie Oliver commenting on news that a sugary drinks levy will be introduced in the UK in 2018)  Tax increases are on the way and Treasury has signalled that a … Continue reading

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How Efficient is SARS Globally?

A recent World Bank and Price Waterhouse Coopers survey, amongst other things, ranks companies in 190 countries in terms of time taken to prepare and file tax returns. South Africa performs above average against its global peers. We improved by … Continue reading

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