Proposal to tweak ‘bona fide inadvertent error’ in favour of SARS
The move will limit taxpayer defences that rely solely on claiming an unintentional mistake.
#taxation
Higher VAT will impact business operations and consumer spending
The Minister of Finance cites an average 19% VAT among peers to argue that South Africa’s 15% rate is low, but isolated comparisons miss key factors such as exemptions, corporate rates, and overall business costs.
Taxed out: why South Africa’s spending problem can’t be ignored
Experts slam the idea of a VAT increase, pointing to a record tax burden and bloated expenditure. From uncollected billions to inefficient governance, the real fix lies in reining in waste, not squeezing taxpayers.
Tax collections miss forecasts – will taxpayers bear the burden?
A dip in corporate and VAT revenues has left a R10bn hole in expected tax collections. As the Budget approaches, Treasury faces a difficult balancing act.
Farmer wins court battle over R10m insurance deduction
The Tax Court rules against SARS in a dispute over a contingency insurance deduction, reaffirming the legitimacy of the policy and its role in protecting income-generating activities.
Industry raises red flags over tax treatment of collective investment schemes
Treasury’s proposed tax changes for investment funds may lead to trading distortions and reduced revenue, say industry experts.
Treasury accepts most of the industry’s two-pot proposed amendments
Among other things, the revised Amendment Bill will clarify how funds should calculate seeding when provident fund members choose to join the system.
ASISA flags ‘problematic’ amendments to two-pot legislation
Funds made different calls on the conditions for the exclusion of provident preservation fund members and the seeding date for members who opt in.
Precedent-setting case highlights legal hurdles in transfer pricing disputes
The tax dispute between ABD and SARS highlights the complexity of IP royalty pricing and the importance of expert testimony in transfer pricing audits.
Tax on savings component withdrawals benefits low-income earners, says Treasury
The tax structure aims to be progressive, with low-income earners paying little to no tax on withdrawals, while high earners are taxed more.
Income from influencer activities is taxable
A common misconception among influencers earning income from international sources is that payments from abroad are not subject to taxation in South Africa.
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 […]
