Especially for taxpayers required to make provisional tax payments on income as both individuals and as owners of companies, it may seem that a provisional or final income tax deadline lurks around every corner, with the next and crucial second payment deadline for most companies and individuals just a few short weeks away on 29 […]
Category Archives: Tax
13
Nov
Nov
At some point over the many years of submitting returns and paying taxes, individual and corporate taxpayers will have grounds to dispute an assessment or decision from SARS. Fortunately, there are clear dispute resolution rules that guide both the taxpayer and SARS in resolving these disputes. Earlier this year, some changes were made to SARS’ […]
06
Nov
Nov
SARS has imposed administrative non-compliance penalties on hundreds of thousands of taxpayers this year, following recent changes to the admin penalty rules. Once-off and especially recurring penalties quickly add up to a significant tax debt, and also lead to a non-compliant tax status and tax refunds being withheld. Here’s what to do if you already […]
02
Oct
Oct
Recent legal and tax amendments have considerably altered the trust landscape, placing onerous new duties on the shoulders of all trustees in South Africa, while also exposing them to significant risk, with penalties for non-compliance including substantial fines of up to R10 million or imprisonment for up to 5 years, and some of the impossible […]
11
Sep
Sep
While SARS’ announcement of the removal of the supplementary declaration for Corporate Income Tax (CIT) for companies or close corporations – the IT14SD form – appears to indicate less paperwork, cost and time when a company is selected for CIT verification, the reality is that it will result in greater scrutiny during the verification process. […]
08
Sep
Sep
Most tax criminal offences are not premeditated acts of tax evasion, but ordinary events that now – in terms of the Tax Administration Act – expose individuals and businesses to the possibility of committing offences that carry harsh penalties, including fines, imprisonment, and other implications for those convicted. With the requirement that a tax criminal […]
23
Aug
Aug
As a business grows, owners may find they need to take out loans to build infrastructure, take on essential new employees, meet legal requirements or upgrade equipment to ensure future growth. These moments can each feel necessary at the time, but if business owners are not careful, they may find themselves with more debt than […]
14
Aug
Aug
South Africans are expecting to hear from SARS, with Tax Season 2023 open since 7 July. Knowing this, cybercriminals will also be intensifying their email “phishing” attacks by sending emails that seem to come from SARS – often apparently notifying you of a tax refund or scaring you with outstanding debt or penalties – created […]
08
Aug
Aug
The 2023 Tax Season in South Africa opened officially on 7 July 2023 for individuals who are both non-provisional taxpayers and provisional taxpayers – as well as for trusts. While much has stayed the same from last year, like the auto assessments introduced in 2022, there are also a number of changes this year – […]
26
Jul
Jul
The confidentiality of taxpayers’ information has been a cornerstone of tax systems, globally and in South Africa, as it provides taxpayers with peace of mind that the sensitive financial and highly personal information, they are obliged to disclose to tax authorities will not be made public. However, recent developments have raised questions about this, with […]