What the ConCourt’s decision means for the confidentiality of your tax records
There is still a high threshold to meet before access to an individual’s tax records will be granted.
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
Read moreThere is still a high threshold to meet before access to an individual’s tax records will be granted.
The lockdowns provided illicit traders with a golden opportunity to expand their activities, report says.
Meanwhile, a change in the VAT registration process may inconvenience taxpayers.
‘The new process comes down to more detailed and targeted requests for information regarding exit capital.’
Questions remain whether the automation of certain procedures will have the desired results.
Grey areas remain when it comes to the rebate for residential solar panels.
Sars will not only be able to verify who qualified for the rebate, but also who had the money to instal solar panels.
They concern two deductions: non-business-related interest expenses and fees paid to tax practitioners for completing tax returns.
A taxpayer who generates renewable energy for the purpose of trade should qualify for the allowance.
There are a number of grey areas that the draft legislation will (hopefully) clarify.
Trustees will have to report directly to Sars, outside of the current trust tax return process, and before the trust tax return is due.
In a country where only about 12% of the population is carrying the personal income tax burden, who exactly are ‘the rich’?
The Unstructured Supplementary Service Data feature is free of charge.
And the definition of ‘manufacturing premises’ means businesses that make and sell food in the same building are excluded.
Among other things, the new rules provide for 80 days to submit an objection and more independence for an alternative dispute resolution facilitator.
An outbound money transfer may now take much longer than a week or two.