1,252 results found

Below, please find issue 55 of ENSafrica's tax in brief, a snapshot of the latest tax developments in South Africa.

The Tax Administration Bill is an incorporation of generic administrative provisions contained in various pieces of tax legislation; and has been branded as a step towards the re-drafting of the Income Tax Act.

International tax law principles deal with the allocation to various jurisdictions of taxing rights in respect of the business profits of a multi-national company.

The South African Revenue Service (SARS) has been given significant powers to perform tax audits on returns submitted by taxpayers.

On 20 December 2021, the Anti-Global Base Erosion ("GloBE") Rules were released by the OECD.

A particular point of interest in the discussion document is the fact that SARS distinguishes between, what it calls, ‘embedded’ and ‘free-standing’ contingent liabilities.

The definition of headquarter company was introduced as section 9I of the Income Tax Act No. 58 of 1962 with effect from the commencement of years of assessment commencing on or after 1 January 2011.

The Act clearly sets out the tax implications arising in respect of a distribution by a company that constitutes a dividend.

The taxpayer sought an order declaring that section 34(2) of the Amending Act is inconsistent with the Constitution, and invalid to the extent that it provides that section 44 (9A) of the Act shall be deemed...

It is the long-standing practice of traders and service providers to grant customers extended payment terms for the goods or services they supply as a means to enhance turnover.

When a taxpayer is required to respond to the South African Revenue Service ("SARS") pursuant to a request for information or an audit being conducted into their affairs, in general two issues may arise, namely (1) uncertainty as to the time period prescribed by when the taxpayer must respond or supply the requested information to SARS and (2) the question of how such time period is to be determined.

To the relief of many South Africans, the 2020 budget speech has gone against the grain of many speculators who anticipated VAT, corporate and income tax increases.

South Africa imposes taxes on worldwide income of residents.

It is clear that harm would be caused to SARS if a taxpayer realised a capital loss and that capital loss is set off against a capital gain in such year of assessment.

The correct VAT treatment of vouchers for digital services has been a grey area for many years. Towards the end of 2020, Mobile Telephone Network (Pty) Ltd (MTN)

In a recent case, "XYZ Co v The Commissioner for the South African Revenue Service (VAT 382)", the Tax Court held that advisory services acquired from a foreign supplier in relation to an offer which unit holders in XYZ Co had received to eliminate their interests in the company, do not comprise imported services for Value-Added Tax ("VAT") purposes.

In principle, VAT incurred by a vendor on the cost of developing residential property for sale may be claimed as an input tax deduction.