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.
South African Revenue Service
People’s expenses change in retirement. Shouldn’t their income too?
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.
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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 […]
Sars ruling highlights need to understand implications of investing in hybrid offshore pension products
South Africans are increasingly mobile, either working abroad, staying abroad for extended periods, or opting to retire outside of South Africa. This has increased the focus on foreign pension products because South African […]
Sars can search and seize your property without a warrant
The Tax Administration Act (TAA) permits the warrantless search and seizure of a taxpayer’s property by the South African Revenue Service (Sars). However, this has been under scrutiny for many years because of […]
Law enforcement agencies co-operating to target unexplained wealth
A number of government departments, and law enforcement and prosecution agencies are piloting an initiative which they say will make it more cost effective, faster and easier to investigate and recover assets acquired […]
Court victory for Sars whistleblower
Two former executives of the South African Revenue Service (Sars), who were dismissed “for operational requirements” during the controversial Bain restructuring of the tax authority, have been reinstated to their previous positions. Johannesburg […]
Five misconceptions about crypto taxation
Since their inception in 2009, there have been many misconceptions about crypto assets, often referred to as cryptocurrencies. These misconceptions have cost investors millions of rands and have subsequently been addressed or explained […]
Failure to update tax law is bad news for employees trying to claim home office expenses
Many taxpayers will again hit a wall when trying to claim any home office expenses during the current tax filing season, despite having worked mainly from home since the start of the Covid-19 […]
Retirement funds and salaries are not a refuge from the taxman
Lump sums, monthly annuities and salaries are not off-limits to the long arm of the taxman. Taxpayers who have failed to pay their tax debts in full to the South African Revenue Service […]
Taxpayers are losing out in disputes with Sars by not going to the Tax Ombud sooner
The imbalance between the South African Revenue Service (Sars) and taxpayers, particularly when it comes to the dispute resolution process, remains a major concern for the Office of the Tax Ombud (OTO). Some […]
What Sars is asking high net worth taxpayers prior to 2023 disclosure requirement
In last year’s Budget Speech, it was announced that the South African Revenue Service (Sars) would set up a specialised High Wealth Individuals’ Unit (HWI Unit) that would provide the necessary attention and […]
Sars has its eye on South Africans working abroad
The 2022 tax season is around the corner, and it will be one of the shortest to date. The period to submit tax returns will be open from 1 July to 24 October […]
What you should know about auto-assessments in the 2022 tax filing season
The South African Revenue Service (Sars) has introduced some changes to the auto-assessment process this year to make it easier for taxpayers to file their income tax returns. If you are not a […]
Higher tax deductions for pensioners who receive income from more than one source
Many pensioners who received their retirement income from more than one source had lower tax deductions, based on the tables applicable to the individual incomes. This often resulted in tax shortfalls at the […]
