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Change in US tax law offers hope for local NPOs, universities

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by the US Congress in March, people who do not usually itemise deductions for their taxes can claim a deduction for charitable donations in the 2020/2021 financial year...

2 days ago

Treasury grants 90-days deferral of excise tax due on alcoholic beverages

The alcohol industry welcomes the positive response from the National Treasury to its request for a deferment of excise tax on alcoholic beverages...

3 days ago

Income tax implications of missed dividend payments

Cash-constrained companies faced with scheduled dividend payments could find themselves and their preference shareholders in further financial straits if they do not act swiftly. Missing a dividend payment without renegotiating preference share terms could have devastating income tax implications...

27 Jul 2020

Deductions available for commission earners

Commission earners could make an argument to Sars that they should be allowed to deduct their normal range of business expenses, even if commission is no longer more than 50% of their total remuneration under the exceptional circumstances of the Covid-19 pandemic...

By Joon Chong 22 Jul 2020

Is wealth tax just a plaster for an ailing economy?

The state of the South African economy and the shortfall in tax collection has raised the debate once more of whether affluent South Africans should be contributing more to the country's coffers through wealth tax.

By Samantha Lance 22 Jul 2020

Cigarette prices surge 250% as tobacco market destabilises - study

Recent research has shown that the average price of cigarettes has increased by nearly 250% compared to pre-lockdown levels...

22 Jul 2020

Alcohol industry applies for deferment of R5bn in excise tax

"The sustainability of the sector, now and in the post-Covid-19 era, is dependent on this deferment if job losses are to be avoided..."

20 Jul 2020

Tax judgments are no ordinary judgments

While a tax judgment may have all the effects of a judgment, it is not a judgment in the ordinary sense, but rather an enforcement mechanism for the recovery of tax...

By Graeme Palmer 20 Jul 2020

Alcohol and tobacco ban already devastating Treasury's coffers

Since the start of the Covid-19 lockdown, South Africans have been forced to make do without some basic products at the various levels including alcohol, tobacco and fast food.

By Bernard Sacks 16 Jul 2020

Filing season 2020 brings some changes

Earlier this year, the South African Revenue Services (Sars) announced that in light of its PAYE 2024 project, the focus, from the 2020 filing season and beyond, would shift from PIT (personal income tax) filing season to the employer reconciliation filing season...

By Somaya Khaki 14 Jul 2020

Webinar: Don't blame SA's booming illegal cigarette trade on lockdown alone

In a webinar held by PSG, Jacques Pauw, author of The President's Keepers, told viewers the lockdown is only part of the reason the illegal cigarette trade in SA is thriving...

10 Jul 2020

Proposed amendments to FICA schedules

On 19 June 2020 the Minister of Finance, in terms of the Financial Intelligence Centre Act, 38 of 2001 (FICA), published proposed amendments to Schedules 1, 2 and 3 for public comment. The proposed amendments will align FICA with the current International Standards of the Financial Action Task Force (FATF) as well as recent legislative amendments...

By Seshree Govender and Nonjabulo Mthembu 9 Jul 2020

Unpacking the FSCA's mandate as a conduct regulator

South Africa is known globally for having an efficiently run, well-regulated and stable financial services industry. And the enterprise tasked with regulating this robust sector, the FSB, was largely successful - which begs the question: why change this regulator to the FSCA in 2018?

By Kedibone Dikokwe 2 Jul 2020

The African Continental Free Trade Area - from agreement to implementation

The Agreement Establishing the African Continental Free Trade Area (AfCFTA) was brokered by the African Union (AU) and adopted by 44 of its 55 member states on 21 March 2018. By February 2019, all AU countries, save for Eritrea, had become signatories to the AfCFTA, which came into force on 30 May 2019...

By Robyn Berger, Theunis Claassen and Catherine Robson 30 Jun 2020

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