This is what Sars is doing to tighten its supervision of trusts
It also wants to address the inconsistent treatment of non-resident beneficiaries when capital gains are distributed.
South African Revenue Service
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Individual policyholder funds with assessed losses face higher tax bill
How the limitation on setting off assessed losses against taxable income affects life insurers and policyholders.
Sars is clamping down on non-compliant tax advisers
What tax professionals should do if they unintentionally find themselves on the wrong side of Sars.
Don’t stop paying tax, vote for a better government, says Sars commissioner
Edward Kieswetter also shares his views on tax breaks for home electricity generation and a wealth tax.
Disputes with Sars: can you raise new grounds of objection?
Taxpayers should formulate comprehensive grounds of objection and appeal from the beginning of the dispute resolution process.
Your child can receive a retirement income of R80 000 a month in today’s money, says asset manager
Coronation illustrates how you can use a tax-free investment to harness the power of compounding.
Objecting to an auto-assessment can result in ‘unexpected’ penalties
Taxpayers should take note of the period within which they must submit a full and true return or relevant material.
Two pots will add complexity to the tax treatment of retirement benefit withdrawals
Withdrawals from the savings and retirement pots will be taxed in different ways.
Reminder of looming tax deadline
Check whether you meet the definition of a provisional taxpayer.
Is ‘bona fide inadvertent error’ a good defence when you’re slapped with an understatement penalty?
The Supreme Court of Appeal and the SA Revenue Service have different views on what exactly this term means.
Sars announces important change to Voluntary Disclosure Programme
The VDP allows taxpayers to come clean on non-compliance that may lead to penalties discovered by Sars.
Tax change may increase the real cost of debt for credit providers
Companies that incur finance charges should also take note of a recent court case regarding the tax treatment of related or similar finance charges.
Crypto assets as a financial product: what are the exchange control and tax implications?
It’s possible that, at some point, providers of crypto asset services will be required to submit third-party data to Sars.
Sars is falling far short of timeframe for resolving taxpayers’ complaints
Office of the Tax Ombud says it has escalated the matter to the senior leadership of the revenue authority.
Trusts under the magnifying glass of local and international financial watchdogs
If a trust is not valid, the trustees can be held personally liable for any taxes related to the trust activities.
No more supplementary declaration forms, but verification of corporate taxpayers remains
Sars will now ask for specific supporting documents targeted at addressing particular risks.
More clarity required for an efficient voluntary disclosure programme
The South African Revenue Service (Sars) collected an additional R3 billion through its voluntary disclosure programme (VDP) and prevented tax leakage of another R865 million during the 2021 tax year. However, the latest […]
