August 17, 2017

NEW TRANSFER PRICING DOCUMENTATION REQUIREMENTS

The transfer pricing regime in the Income Tax Act, 58 of 1962, is regulated by section 31 of that Act. It in essence requires that cross-border […]
August 17, 2017

NON-EXECUTIVE DIRECTORS’ REMUNERATION: VAT AND PAYE

Two significant rulings by SARS, both relating to non-executive directors’ remuneration, were published by SARS during February 2017. The rulings, Binding General Rulings 40 and 41, […]
August 17, 2017

PROVISIONAL TAX WHEN YOU SELL YOUR PROPERTY

The provisional tax regime operates as a continuous cash flow mechanism in favour of Government whereby tax on income earned is paid over provisionally in anticipation […]
August 17, 2017

TAX RESIDENCE FOR INDIVIDUALS

According to the South African Revenue Service (SARS), South Africa has a residence-based tax system, which means residents are, subject to certain exclusions, taxed on their […]
August 15, 2017

GOODS AND SERVICES ACQUIRED BY VAT VENDORS ON CREDIT

It is an established principle that registered VAT vendors may claim a deduction for input tax on goods or services acquired for use in the course […]
August 15, 2017

INTEREST FREE LOANS AND TRUSTS

The recent introduction of section 7C to the Income Tax Act[1] brought the taxation of trusts, and the funding thereof specifically, under the spotlight again. Briefly, […]
August 15, 2017

BRACKET CREEP, VAT AND THE 2017 BUDGET

Year on year the personal income tax tables are adjusted and based on which individuals are taxed based on an increasing sliding scale based on their […]
August 15, 2017

INTEREST FREE LOANS CROSS BORDER

A consideration of the tax consequences of interest free loans will be incomplete if not also considered in the context of interest free debt funding being […]
August 15, 2017

PROVISIONAL TAX ESTIMATES

Provisional tax effects all corporate taxpayers since it is the mechanism used to collect income tax during the course of the year. Provisional tax payments are […]
August 15, 2017

PRACTICE NOTE 31 IN THE SPOTLIGHT

The deductibility of interest for income tax purposes recently came under scrutiny in Mr X v CSARS,[1] and specifically the application of SARS’ Practice Note 31. […]