Finance Trends 2018

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NPC welcomes State Capture Commission
NPC welcomes State Capture Commission

The National Planning Commission, led by its Chairperson Minister Jeff Radebe and Deputy Chairperson Malegapuru Makgoba, has welcomed the establishment of the Commission of Inquiry into State Capture...

14 Feb 2018

Property developers will face cash flow pressure due to VAT on temporary rental of residential units
Property developers will face cash flow pressure due to VAT on temporary rental of residential units

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...

By Chetan Vanmali, Des Kruger and Andile Miya 13 Feb 2018

Sars to hold sugar tax roadshows in March
Sars to hold sugar tax roadshows in March

The South African Revenue Service (Sars) will engage industry stakeholders on the Sugary Beverages Levy...

13 Feb 2018

Tax break for voluntarily retrenched employees
Tax break for voluntarily retrenched employees

Sait recently made submissions to Sars regarding the tax treatment of amounts received in consequence of voluntary retrenchments. Sait has received clarification that voluntary severance packages qualify as severance benefits...

By Joon Chong, Dhevarsha Ramjettan, Nivaani Moodley a 12 Feb 2018

FICA: Being an accountable institution and following client due diligence
FICA: Being an accountable institution and following client due diligence

The FIC Act is designed to enable authorities to better understand the movement of money in order to reveal unlawful activities. However, the regulations therein not only pertain to transgressors of the Act, but also companies involved in a business relationship with those companies...

By Hondo Swartz 9 Feb 2018

Is VAT on the rise?
Is VAT on the rise?

With the budget speech coming up, the R50bn question is whether the minister of finance will announce an increase in the VAT rate, and if so, what that increase will be?

8 Feb 2018

SARB imposes administrative sanctions on China Construction Bank
SARB imposes administrative sanctions on China Construction Bank

The Reserve Bank has imposed administrative sanctions on the China Construction Bank (CCB) Corporation, Johannesburg branch, for non-compliance with the Financial Intelligence Centre Act...

5 Feb 2018

Date set for beginning of KPMG-Gupta hearings
Date set for beginning of KPMG-Gupta hearings

The Ntsebeza inquiry into the conduct of South African Institute of Chartered Accountants (Saica) members who worked for KPMG SA on Gupta accounts and the South African Revenue Service (Sars) "rogue unit" report will soon start its hearings...

By Genevieve Quintal 1 Feb 2018

Advocate Dumisa Ntsebeza. Photo: Alchetron
Saica inquiry on KPMG members ready to roll

The Ntsebeza Inquiry into the conduct of South African Institute of Chartered Accountants (Saica) members employed by KPMG is expected to start its hearings process on 19 February...

31 Jan 2018

Patricia Williams, partner at Bowmans
How to save Sars

The performance of Sars and the path it has been taking has been called into question of late, with a number of tax-related bombshells being dropped one after the other in recent months...

By Patricia Williams 29 Jan 2018

Judgment a tax victory for car manufacturers
Judgment a tax victory for car manufacturers

A recent Supreme Court of Appeal judgment has provided much needed clarity that Productive Asset Allowance certificate amounts granted to automotive manufacturers are capital in nature as their purpose is to incentivise capital investments...

By Joon Chong 26 Jan 2018

tpsdave via
Gupta dairy deal in Free State allegedly proceeds of crime

Dramatic disclosures in court papers filed by the NPA place the Guptas at the heart of a conspiracy to "swindle" R220m from the Free State meant for emerging black dairy farmers...

By Stephan Hofstatter 23 Jan 2018

Start preparing for the pending Carbon Tax Bill
Start preparing for the pending Carbon Tax Bill

The South African National Treasury published the Second Draft Carbon Tax Bill for public comment on 14 December 2017...

By Seelan Moonsamy 22 Jan 2018

VAT hike on the cards, but it won't be easy for Gigaba
VAT hike on the cards, but it won't be easy for Gigaba

With the budget deficit projected to widen from 3.1% to 4.3% of GDP in the current fiscal year and tax revenue expected to fall R50.8bn short of earlier estimates, the Treasury is gripped by the challenge of finding new income streams. Many citizens believe, or fear, it will find them by raising taxes.

By Sunita Menon 19 Jan 2018

'Massive' infrastructure spending needed in Africa, says report
'Massive' infrastructure spending needed in Africa, says report

Economic growth in Africa picked up steam last year and is set to accelerate strongly in 2018, but "massive investments" are needed in infrastructure, the African Development Bank (ADB) said Wednesday, 17 January...

19 Jan 2018

Sars' 2017 Tax Statistics identifies "PITfalls"
Sars' 2017 Tax Statistics identifies "PITfalls"

The 10th annual edition of the tax statistics for South Africa provides data on the key trends in tax revenue collections and highlights the role the tax system plays in contributing to South Africa's fiscal health...

By Des Kruger and Wesley Grimm 16 Jan 2018

Hearings on KPMG role to start soon
Hearings on KPMG role to start soon

The South African Institute of Chartered Accountants (Saica) inquiry into KPMG and the work it did for the Gupta family is expected to start hearing testimony later in January...

By Genevieve Quintal 15 Jan 2018

The taxing problem of e-commerce
The taxing problem of e-commerce

The digital commerce environment is developing and evolving at such a rate that global tax systems are struggling to keep up...

15 Jan 2018

Ewald Nowotny, European Central Bank governing council member
ECB governor calls for tax, regulation on bitcoin

BERLIN, Germany: A top European Central Bank officialcalled for governments to regulate and tax bitcoin, labelling the cryptocurrency an object of speculation and a tool for money laundering...

4 Jan 2018

Photo: CAJ News Africa
Competition Commission gives conditional nod to Old Mutual restructuring

The Competition Commission has recommended to the Competition Tribunal that the acquisition by Old Mutual Ltd of Old Mutual plc be approved with conditions...

By Linda Ensor 4 Jan 2018

Sars 2017-18 revenue collection lagging behind by end-November
Sars 2017-18 revenue collection lagging behind by end-November

The South African Revenue Service (Sars) collected R699bn in tax revenue by end-November, representing 56.2% of the R1.265-trillion projected in the 2017-18 national budget.

29 Dec 2017

Investment property owners be aware of common tax pitfalls
Investment property owners be aware of common tax pitfalls

Whether investing in property for long-term returns or for resale in the short term, taxpayers are often faced with the question of how their decisions affect their tax liabilities...

By Leonard Willemse 28 Dec 2017

One month's tax-free relocation allowance does a vanishing act
One month's tax-free relocation allowance does a vanishing act

One of the perks the South African Revenue Services (Sars) has always allowed is one-month's salary as a tax-free allowance for employees who were being relocated.

By Tanya Tosen 27 Dec 2017

Photo: The Book List
Pauw case raises tricky questions

Questions are being asked about how the confidentiality provisions of the Tax Administration Act are aligned with legislation providing for whistle-blowers and freedom of expression...

22 Dec 2017

Wavebreak Media Ltd © .
US broadcaster faces $13.3m fine for airing undisclosed paid ads

US regulators announced a record $13.3m fine against a major television company for airing promotional content without telling viewers it had been paid to air it...

22 Dec 2017

ANC looks to axe medical aid tax credits, expand National Health Insurance
ANC looks to axe medical aid tax credits, expand National Health Insurance

The ruling party says it's time to get serious about funding and rolling out SA's universal health plan...

By Laura Lopez Gonzalez 21 Dec 2017

Image credit: ANA via
Sars to sue journalist Jacques Pauw over book on Jacob Zuma

The South African Revenue Service (Sars) has followed through on threats to take legal action against the author of The President's Keepers, Jacques Pauw...

20 Dec 2017

Sugar tax and its bitter economic aftertaste
Sugar tax and its bitter economic aftertaste

The tax on sugary beverages is expected to commence on 1 April 2018. Is it really a measure to promote a healthier lifestyle among South Africans, or is it a ruse to add more money to state coffers?

By Joon Chong and Wesley Grimm 15 Dec 2017

New Carbon Tax Bill draft published for public comment
New Carbon Tax Bill draft published for public comment

Treasury on Thursday, 14 December, published the second draft of the Carbon Tax Bill for public comment and introduction in parliament...

By Linda Ensor 15 Dec 2017

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