Like the rest of the world, South Africa relies on fossil fuels for energy production. These fossil fuels release carbon dioxide into the atmosphere contributing to global warming and climate change. Growth in carbon dioxide and other greenhouse gas emissions tends to be linked to economic growth. The current debate has raised the question whether it is possible to delink emissions growth from economic growth. An area that has been receiving much attention lately has been the introduction of incentives to encourage South African companies to become more energy efficient in the hope that energy efficiency will contribute to decoupling energy use from economic growth.
Category: Corporate Tax
Tax Strategy Needs to be Linked to Corporate Reputation
Author: Paul de Chalain (PwC) Hardly a day has gone by in the last 3 months that we have not seen comment in the marketplace on taxation. Politicians, tax administrations, NGO’s and supra-national organisations like the EU, G-8, G-20 or OECD have committed themselves to fighting tax evasion and tax fraud. It is noteworthy that in some initiatives perfectly legal and acceptable structures are placed on a par with fraud.
A Departure From ‘Adequate Reasons’ and Common Sense
Author: Daniel Areias & Johan Kotze (Bowman Gilfillan) All taxation , in one way or another, may impact upon fundamental human rights. However, to ensure that the imposition is not absolute, section 5 of the Promotion of Administrative Justice Act provides that every person, whose rights may have been materially and adversely affected by administrative action, may request written reasons for that action from the administrator responsible.
Piercing the corporate veil
The recognition of a company as a separate juristic person, liable for its own tax (or other) debts, is an important principle relied on by taxpayers when implementing various transactions.
High Court Rejects Challenge of Exchange Control Ruling
Billionaire entrepreneur Mark Shuttleworth emigrated from the Republic in February 2001. Following his emigration, he made applications to transfer portions of his blocked funds from the Republic. In the second of these (in 2008) he was permitted to remit funds subject to a levy equal 10% of the amount remitted.
Group tax: A simple solution?
Ingé Lamprecht New bill introduces complications. JOHANNESBURG – The benefits of a group taxation system should be investigated. Zweli Mabhoza, head of taxation services at SizweNtsalubaGobodo, says one of the reasons why group taxation – where legal entities within a group of companies are treated as one taxpayer – has been opposed in the past, is because South Africa does not have sufficient skills to support the introduction of such a complicated tax system.
Anti-tax Avoidance Exchange of Information Agreement With Gibraltar
Author: Professor Peter Surtees & Andrew Wellsted On 11 July 2013 South Africa and Gibraltar signed an exchange of information agreement relating to tax matters. This is part of a growing practice, in which South Africa is an active participant. It reflects a global policy between fiscal authorities to address perceived tax avoidance by multi-national corporations.
Notice to furnish returns for the 2013 year of assessment
Tax season in a nutshell. General comments Government Notice no. 451 was issued by the Commissioner on 28 June 2013. Its purpose is to give notice to furnish returns in respect of the 2013 year of assessment. The returns that the notice refer to are of course the ones required for the assessment of normal tax. This alert will deal with the content of the Notice.
Sars has increased powers under the Tax Administration Act
An overview The recently promulgated Tax Administration Act, No. 28 of 2011 (TAA) contains provisions that grant some dramatically increased powers to the South African Revenue Service (Sars). Tax recovery on behalf of foreign governments Section 185 of the TAA contains the measures available to Sars to recover tax on behalf of foreign governments. Broadly defined, the provisions of section 185 provide that revenue authorities of a foreign country (with which South Africa has a tax treaty) can request Sars to assist in the collection of foreign taxes due by a person to that country.
Year in Review – 2012 Tax Developments in South Africa
During 2012 a number of significant amendments were made to the tax legislation in South Africa. This report provides a brief description of certain of these amendments which may be of interest to foreign companies that conduct business in South Africa as well as those seeking investment opportunities in South Africa.