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Relaxation of loop structures - but at what tax cost?

The envisaged future relaxation of the prohibition on loop structures will be accompanied by amended tax laws, but current proposals are likely to result in more tax on certain structures...

By Nola Brown, Anne Bennett & Cor Kraamwinkel 23 Sep 2020

Why VDP applications really must be 'voluntary'

Voluntary Disclosure Programme (VDP) applications have been a permanent part of our law since 2012. The essence of a VDP application is that a taxpayer is incentivised to disclose to Sars a tax default by being granted some relief from the consequences of their default...

By Graeme Palmer 18 Sep 2020

NCOP approves Covid-19 Tax Bills

The National Council of Provinces (NCOP) has passed the Disaster Management Tax Relief Administration Bill, the Disaster Management Tax Relief Bill and the Prescription in Civil and Criminal Matters (Sexual Offences) Amendment Bill...

18 Sep 2020

Be cautious when claiming tax allowances for future contractual expenditure

Many taxpayers have made use of Section 24C of the Income Tax Act which allows for the holding over of income received in the present year that is due to be used on expenses in the following year...

16 Sep 2020

Relief for taxpayers during the Lockdown period

The Disaster Management Tax Relief Administration Bill 2020 seeks to alleviate cash flow burdens on taxpayers, which may arise as a result of Covid-19 restrictions implemented under the Disaster Management Act...

By Virusha Subban and Prenisha Govender 9 Sep 2020

Want to withdraw retirement funds on emigration? You may have to wait three years...

The National Treasury published the Draft Taxation Laws Amendment Bill, 2020 (Draft Tax Bill) for public comment. One of the more contentious proposals in the Draft Tax Bill relates to the ability of people emigrating from South Africa to access amounts in their pension preservation fund, provident preservation fund and retirement annuity fund (retirement funds) when they leave...

By Joon Chong and Wesley Grimm 8 Sep 2020

Contract mining clarification muddies the water

Proposed amendments to the Income Tax Act limiting capex deductions to mining right holders are likely to have negative consequences, particularly for the junior mining sector...

By Shirleen Ritchie and Brian Dennehy 8 Sep 2020

New tax bill: Taxpayers could be criminally liable for honest mistakes

Section 34 of the draft Tax Administration Laws Amendment Bill, 2020 proposes to amend section 234 of the Tax Administration Act, 2011 (TA Act), to remove willfulness (intention) from the range of acts that constitute an offence...

By Kyle Fyfe 7 Sep 2020

Extension to deferment periods on excise duty payments

Due to the lockdown restrictions on the sale of alcoholic beverages and tobacco products in South Africa, the National Treasury implemented a deferment of excise duties for excise compliant businesses...

By Virusha Subban and Prenisha Govender 28 Aug 2020

National Assembly approves Covid-19 tax relief bills

The National Assembly has passed the Disaster Management Tax Relief Bill and the Disaster Management Tax Relief Administration Bill...

26 Aug 2020

Impact of the "new normal" on tax enforcement in transfer pricing

The unusual business conditions of the Covid-19 outbreak will require a more flexible approach from tax authorities when analysing transfer pricing in the 2020 year of assessment...

By Joon Chong and Karen Miller 26 Aug 2020

When deposits become taxable

Many different types of deposits are received in the ordinary course of business, such as rental, sale, building and security deposits to name a few...

By Graeme Palmer 21 Aug 2020

VUT establishes new law clinic

The Vaal University of Technology (VUT) has succeeded in implementing an uplifting and exciting initiative - a law clinic situated at the VUT Southern Gauteng Science and Technology Park (VUT SGSTP) in Sebokeng...

By Nontobeko Zondi, Issued by Vaal University of Technology 19 Aug 2020

The taxman cometh, so be prepared

The Supplementary Budget delivered by the minister of finance in June showed that a projected shortfall in tax revenues is expected to be around R300bn for the 2020/2021 fiscal year...

19 Aug 2020

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