Author: Fin24.com The tax season opened officially on July 1 and many law-abiding taxpayers are getting ready to do their bit. Unfortunately, so too are the shady individuals and gangs who operate phishing scams.
Author: Nyasha Musviba
Carrying on Business Through an Agent – Adding to The Confusion
A recent decision in the Tax Court in the Western Cape (Case No. 13002) related to the question whether a company was carrying on farming.The company (Company A) had acquired a piece of land on which there were substantial plantations.
VAT Invoice: The Importance Of A Compliant Tax Invoice
Author: Nicole Paulsen (CliffeDekkerHofmeyr) South Africa operates a value-added tax (VAT) system whereby the VAT charged by suppliers is subtracted from the VAT charged to customers to calculate the VAT payable or refundable. This system was established to relieve the trader entirely of the burden of the VAT payable or paid in the course of all his economic activities.
New Binding Private Ruling: Transfer Of Debtors Book
Author: Heinrich Louw (CliffeDekkerHofmeyr) The South African Revenue Service (SARS) released Binding Private Ruling 154 (ruling) on 3 September 2013. The ruling deals with the transfer of a debtors book as part of a transaction in terms of s45 of the Income Tax Act, No 58 of 1962 (Act) and to what extent a transferee may claim allowances for doubtful debts in terms of s11(j) of the Act.
Direct payments from eFiling axed
Ingé Lamprecht 08 September 2013 New secure payment process introduces difficulties. JOHANNESBURG – The option to make a direct payment to the South African Revenue Service (Sars) through its eFiling, website without additional authorisation, will soon be withdrawn.
Cyprus: A Further Step Towards Ratification Of The Cyprus – Spain Double Taxation Agreement
Authors: Andreas Neocleous & Co LLC The double taxation agreement between Cyprus and Spain, which was signed in Nicosia on 14 February 2013, has taken another step towards ratification. On 2 August the Spanish cabinet approved the agreement and forwarded it the Spanish parliament for consideration. The new agreement follows the OECD Model Convention
SA’s Double Tax Agreement with Mauritius Amended
SA’s Double Tax Agreement with Mauritius Amended Author: Bernard du Plessis (ENS) The double tax agreement between Mauritius and South Africa, which came into force in 1997 has been renegotiated. There are three main amendments to the 1997 double tax agreement: the resident article has been amended, the allocation of taxing rights in relation to immovable property assets has been renegotiated, and the interest article has been amended.
Appointing new beneficiaries of a trust
ITC 1828 70 SATC 91 is not a new tax case. However, it is an interesting case, which highlights some of the potential tax implications that may be triggered upon the appointment of new beneficiaries to a trust, particularly, a discretionary trust. In ITC 1828 70 SATC 91 a discretionary trust (trust) had been established with the object of benefiting the founder, the founder’s wife and the children, being the discretionary income and capital beneficiaries. The trust had acquired certa
The business end of saving energy
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.
Managing carbon pass through: 10 tips to prepare for South Africa's carbon tax
South Africa’s National Treasury released its Carbon Tax Policy Paper in May 2013. Submissions on the Paper closed in August 2013 and the South African Government is expected to now draft legislation to implement the Carbon Tax from 1 January 2015.