The draft Taxation Laws Amendment Bill addresses a critical anomaly in trust anti-avoidance legislation. By narrowing the transfer pricing exemption, the Bill ensures that only the correct portion of cross-border trust loans escapes double taxation.
The bank also faces a R4.9bn claim arising from SARS’s alleged inability to collect taxes and penalties from former foreign exchange clients.
If a person’s year of assessment is less than 12 months, the allowable retirement contribution deduction will be applied pro rata.
The revenue authority apologises to the 30 000 taxpayers whose refund payments were reversed.
Retirement fund members must ensure their fund has their correct details and they are registered as a taxpayer with SARS.
Funds that cannot pay withdrawals because their rules are invalid must inform members why they may not be allowed to access their benefits.
Old Mutual’s learnings about what people know or expect, based on its interactions with customers and advisers.
This year’s return provides for claiming the residential solar energy tax rebate or a tax deduction in respect of the renewable energy tax incentive.
Taxpayers should inform SARS if they have been unemployed for a full year or longer, to avoid being flagged as non-compliant.
Preservation must be encouraged, but the reality is that a retirement fund is many South Africans’ only source of savings, says Alexforbes.
Fraudsters are contacting taxpayers who are issued with auto-assessments and impersonating SARS.
Members particularly need to understand pre-retirement withdrawals, and the implications of these withdrawals, including tax and liquidity at retirement.
The departure point in determining whether a company qualifies for the foreign business establishment tax exemption is what it actually does.
Coronation withdraws cautionary to shareholders following victory in litigation with SARS over the foreign business establishment tax exemption.
The tax fraternity is concerned about the apparent ease with which scamsters can bypass SARS’s security protocols.
Pay attention to the conditions that must be met to be exempt from filing a return.
Auto-assessment notices will be sent out from 1 July, SARS says.
Notifications
