Author: Amanda Visser (BusinessDay) Almost 92% of taxpayers who are obliged to submit a tax return this year made Friday’s deadline, which represents an increase of 5.5% from the previous year. South African Revenue Service (SARS) spokesman Adrian Lackay said more than 6-million returns were submitted by the deadline for nonprovisional taxpayers on Friday. These included 1.55-million outstanding tax returns from previous years. Overall, 13% more returns were submitted this year by the deadline than in 2012.
Category: Tax Administration
Czech-mate: Sars closes in on Krejcir
Czech businessman Radovan Krejcir. File photo: Thobile Mathonsi Johannesburg – Twelve people dead, two on trial and one fighting extradition. They all have one thing in common: convicted Czech fugitive, Radovan Krejcir. But South African law enforcement haven’t been able to nail him for violent crime yet, so they went after him Al Capone style – for tax evasion. Around 4pm on Friday, the SA Revenue Service served Krejcir with a preservation order which stated that all his assets had been placed under the control of a curator.
SARS warns about ‘guaranteed refunds’
By Angelique Arde Beware of anyone who “guarantees” you a tax refund on submission of your tax return.This week, the South African Revenue Service (SARS) warned taxpayers of an increase in fraud involving “tax consultants” or intermediaries who promise clients substantial refunds in return for a 50-percent cut of the refund.
Ngoepe appointed as new tax ombudsman
By Chantelle Benjamin Retired Judge Bernard Ngoepe said during his appointment as SA’s new tax ombudsmad that he would like to create confidence with the public. Judge Bernard Ngoepe. (M&G) Newly appointed tax ombudsman retired Judge Bernard Ngoepe said on Thursday that his biggest challenge will be creating confidence in the newly established office so the public feel they have someone to assist them with their grievances against the South African Revenue Service (Sars).
Render unto Caesar – Harsh Tax Penalties Reviewed
JOHANNESBURG – Taxpayers who accidentally reduce their tax liability due to a reasonable mistake without any intent to defraud the Taxman, won’t be subjected to harsh understatement penalties in future. The Tax Administration Laws Amendment Bill was introduced in the National Assembly last week and revises regulations to such an extent that the South African Revenue Service (Sars) won’t impose penalties in cases where the understatement by the taxpayer “results from a bona fide inadvertent error”. This follows criticism from tax practitioners and taxpayers on the harsh penalties previously imposed even where taxpayers had no intention of deceiving Sars.
Income protection policies: deduction for premiums to be abolished
By Dan Foster, associate director: International Executive Services, KPMG Employees earning remuneration are generally prohibited from claiming tax deductions for any expenditure other than those items listed in section 23(m) of the Income Tax Act (58 of 1962). This is in contrast to persons carrying on a trade independently of an employer. One of the few deductions still available to employees is for premiums paid on income protection insurance policies. Currently, such premiums are deductible if (a) the policy covers the person against loss of income as a result of
Experts Welcome Revised Definition Of Incentives In Tax Bill
Author: Amanda Visser (Business Day) Proposed changes to the definition of the research and development tax incentives have been toned down or not included in the Taxation Laws Amendment Bill that was tabled in Parliament at the end of last month. Tax experts widely welcomed the revised approach by the Treasury from the initial draft version that was released in July. The previous definition would have excluded all research and development that did not qualify as “world-beating”.
Davis Tax Committee Website Launched
The Davis Tax Committee website has just been launched. The website address is www.taxcom.org.za and it can be used to keep track of the work done by the Committee.Despite the fact that there are only three sub-committees in operation at the moment i.e. small business, tax base and tax mix (Macro) and BEPS, the Committee
South African Personal Income Tax
What is it? Income tax is the normal tax which is paid on your taxable income. Examples of amounts an individual may receive, and from which the taxable income is determined, include – Remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits Profits or losses from a business or trade
SARS TAX SEASON 2013
What is it? Tax Season 2013 is open! It’s that time of the year again when you have to complete and submit your Income Tax Return (ITR12). We will help you through Tax Season 2013 with all you need to know so you can file easily and on time. Who is it for? Individuals (Provisional and non-provisional taxpayers)