BizTrends 2018


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Nick Saunders, cyber resilience expert, Mimecast Africa and Middle East
Five important things to remember about GDPR

With the large quantities of personal data financial services providers handle, they have had their hands full preparing for the Protection of Personal Information Act (PoPI)...

2 days ago

Law amendments will strethgen IRBA's mandate
Law amendments will strethgen IRBA's mandate

Since the scandals around the accounting and auditing profession erupted last year, the SCoF has recognised the need to strengthen the IRBA oversight powers...

18 Apr 2018

Changes to controlled foreign company tax laws
Changes to controlled foreign company tax laws

The controlled foreign company (CFC) rules are aimed at preventing South African taxpayers from locating companies in low tax jurisdictions in an effort to avoid paying South African tax.

By Nola Brown and Sean Gilmour 13 Apr 2018

When debt relief causes debt distress
When debt relief causes debt distress

The proposed debt relief measures in the 2017 amendments to section 19 and paragraph 12A of the Eighth Schedule of the Income Tax Act 58 of 1962 (ITA) did not provide much relief to assist companies in financial distress...

By Joon Chong and Wesley Grimm 12 Apr 2018

Health tax deterrent goes up in smoke
Health tax deterrent goes up in smoke

The increase in excise tax on tobacco products above the inflation rate, announced in the Budget Speech in February, was erroneously lauded by tobacco control lobbyists...

11 Apr 2018

Is it worth chasing travel rebates under new SARS' rules?
Is it worth chasing travel rebates under new SARS' rules?

Which is better - company car or travel allowance? It's a question that regularly plagues both employers and employees, and in light of new SARS requirements for travel reimbursements, it needs to be carefully revisited...

10 Apr 2018

Do not go gently into that good Declaratory Order
Do not go gently into that good Declaratory Order

A declaratory order is a flexible remedy which can assist in clarifying issues of law expeditiously. It is by no means a new and faster means of obtaining certainty in disputes with SARS...

By Yashika Govind, Nirvasha Singh and Hillary Botha 9 Apr 2018

SARS to apply normal tax rules to cryptocurrencies
SARS to apply normal tax rules to cryptocurrencies

The South African Revenue Service (SARS) will continue to apply normal income tax rules to cryptocurrencies, it said on Friday...

9 Apr 2018

Dr Andy Schmulow, senior advisor: Datta Burton & Associates
Twin Peaks changes financial services landscape

The Twin Peaks regulations will not only have authority over every South African business that offers a financial product or service, but also offer far more protection to consumers...

5 Apr 2018

Taxation of cryptocurrencies
Taxation of cryptocurrencies

In South Africa, as with most other countries around the world, there is no guidance and regulation regarding cryptocurrencies such as Bitcoin...

By Chetan Vanmali and Kagiso Nonyane 29 Mar 2018

Struan Robertson
The budget and tax law cycle in South Africa

In this article we will be looking at the annual cycle of tax law changes, and when this filters into the tax calculations of individuals, trusts and companies...

By Struan Robertson, Issued by Meredith Harington 27 Mar 2018

The tax implications of 'fruitless and wasteful expenditure'
The tax implications of 'fruitless and wasteful expenditure'

One of the proposals in the Budget Review 2018 (Budget) to preserve a sustainable tax base is to disallow fruitless and wasteful expenditure by government entities...

By Yashika Govind and Rudi Katzke 23 Mar 2018

Mondli Gungubele, deputy minister of finance. Photo: ANC Today
Treasury will tread carefully with corporate tax, says Deputy Finance Minister Mondli Gungubele

Deputy Finance Minister Mondli Gungubele has defended the recently announced VAT increase, while giving an assurance that Treasury will tread carefully with corporate tax...

By Sunita Menon 23 Mar 2018

1% matters - how the VAT increase affects property sales
1% matters - how the VAT increase affects property sales

The power of one: a phrase that has been quoted in many a clich├ęd motivational poster, but one whose power has never quite been fully grasped - until now...

By Adrian Goslett 22 Mar 2018

A stinging list of 'achievements' by Tom Moyane at Sars
A stinging list of 'achievements' by Tom Moyane at Sars

Suspended SA Revenue Service commissioner Tom Moyane racked up a dubious list of "achievements" as head of the nation's tax collection authority, says investigative journalist Jacques Pauw...

22 Mar 2018

AU launches ambitious bid for world's largest free trade area
AU launches ambitious bid for world's largest free trade area

Africa's leaders will gather in Rwanda on Wednesday to launch what they say will be the world's largest free trade area but Nigeria has already pulled out, highlighting the challenge in getting the continent to sign up...

20 Mar 2018

Sars boss Tom Moyane suspended
Sars boss Tom Moyane suspended

In a late-night move, President Cyril Ramaphosa has suspended South African Revenue Service (Sars) commissioner Tom Moyane.

By Penwell Dlamini 20 Mar 2018

Only half of plastic bag levy has gone to support recycling
Only half of plastic bag levy has gone to support recycling

Only about half of the nearly R2bn raised through the plastic supermarket bag levy has been officially allocated to recycling...

By Guy Rogers 20 Mar 2018

Tom Moyane, Sars commissioner. Photo: Sars
Sars refutes illegal VAT payments to Guptas

The South African Revenue Service (Sars) said it did not make irregular value-added tax (VAT) refunds to Gupta-owned Oakbay Investments...

19 Mar 2018

Judge Dennis Davis
VAT hike could have been avoided if corruption had been cut, Judge Dennis Davis says

A hike in the value-added tax (VAT) rate, which kicks in at the end of March, could have been avoided, Judge Dennis Davis, chair of the Davis Tax Commission, said.

By Asha Speckman 16 Mar 2018

Business opposes carbon tax plan
Business opposes carbon tax plan

Carbon- and energy-intensive companies in the mining, steel, chemical, cement and paper industries have come out against the carbon tax proposed by the Treasury...

By Linda Ensor 16 Mar 2018

Yusuf Bodiat, acting CFO of Lion of Africa
VAT poses headaches for short-term insurance industry

One of the most notable announcements in the 2018 Budget Speech was the increase of the VAT rate from 14% to 15%, effective 1 April 2018...

By Yusuf Bodiat 16 Mar 2018

Steinhoff investors voted to absolve directors of liability
Steinhoff investors voted to absolve directors of liability

More than 98% of Steinhoff International's shareholders voted to discharge all of the directors and supervisory board members from liabilities at the group's annual general meeting (AGM) in March 2017...

By Ann Crotty 15 Mar 2018

Top Sars official Jonas Makwakwa 'quits' mid-probe, sources say
Top Sars official Jonas Makwakwa 'quits' mid-probe, sources say

The embattled South African Revenue Service (Sars) was on Wednesday expected to announce the resignation, with immediate effect, of Jonas Makwakwa, its disgraced chief officer for business and individual tax...

By Sabelo Skiti 14 Mar 2018

Tom Moyane, Sars commissioner
Charges in motion for 'rogue unit' three

As pressure mounts on Sars commissioner Tom Moyane, the NPA moved against three former Sars officials, who are set to face charges linked to the alleged "rogue unit" at the tax agency...

13 Mar 2018

Gerhard van Emmenis, principal officer of Bonitas Medical Fund
VAT increase won't impact on medical aid contributions

There has been much debate around the 1% value-added tax (VAT), its impact on consumers and just how this will affect the money left in their pockets at the end of the month...

12 Mar 2018

What foreign lenders should know about South Africa loan and credit requirements
What foreign lenders should know about South Africa loan and credit requirements

South Africa has extensive exchange control rules that govern the inflow and outflow of capital, as well as some stringent legal requirements pertaining to credit and financial assistance...

By Lischa Gerstle 12 Mar 2018

Voluntary retrenchment may no longer be an easy sell
Voluntary retrenchment may no longer be an easy sell

The current Sars IRP3 Completion Guide, which aids employers in completing tax directive applications for their employees, appears to introduce a distinction between voluntary and involuntary severance benefits...

By Stephan Spamer, Lauren Salt, and Ryan McKerrow 9 Mar 2018

Tax scheme spurs innovation
Tax scheme spurs innovation

Section 12J of the Income Tax Act has been a "huge success" in that it has ignited SA's venture-capital industry and unlocked funding for innovative firms, says Clive Butkow, CEO of section 12J company Kalon Venture Partners...

9 Mar 2018

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