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The potential implications if a taxpayer is seen to have dissipated its assets
By Lavina Daya (Edward Nathan Sonnenbergs) The Tax Administration Act No. 28 of 2011 (“Tax Administration Act”) deals with tax administration only and serves as a consolidated piece of legislation comprising of administrative provisions that are, as far as possible, common to all tax Acts.
2013 SARS Employer Filing season is now open
SARS has announced the annual PAYE reconciliation submission season for the period 01 April – 31 May 2013.
Taxation of government grants
Generally, government grants or subsidies under incentive programmes have always been exempt from income tax in the hands of the recipient. However, some subsidies or grants were indeed taxable and the tax legislation lacked overall policy direction. This often led to confusion about the nature of the receipt.
SARS eyes global companies' tax structures
Multinationals based in SA – particularly in the mining, automotive, pharmaceutical and finance sectors – will need to pay special attention to taxes. The South African Revenue Service (Sars) said this week that it plans to increase its scrutiny of multinationals when it comes to tax compliance, particularly with regard to transfer pricing and double taxation, which it has identified as a problem.
Most of your tax money well-spent – Gordhan
PRETORIA – Minister of Finance Pravin Gordhan attempted to reassure South Africans that most of the money collected through taxes is being used for the correct purposes. At a media briefing on Tuesday, held to share the preliminary outcome of revenue collection for the 2012-13 financial year, Gordhan said that South Africans are asking that their money be well-spent and rightly so.
Justice Zak Yacoob to head up enquiry into allegations against Sars Commissioner
Following allegations of impropriety involving Sars commissioner Oupa Magashula Retired Constitutional Court judge Zak Yacoob has been appointed to probe allegations of impropriety involving Sars commissioner Oupa Magashula, Finance Minister Pravin Gordhan said on Tuesday.
Summary Tax Guide for 2013/2014
TAX GUIDE – 2013/2014
SA Income Tax Tables 2012 – 2013
SA Income Tax Tables 2012 – 2013
South African Trade Statistics for February 2013
The South African Revenue Service (SARS) today releases trade statistics for February 2013 that record a trade deficit of R9.52 billion. Summary The R9.52 billion deficit for February 2013 can be attributed to exports of R62.32 billion and imports of R71.84 billion. Exports increased from January to February by R9.04 billion (17.0%) and imports decreased from January to February by R5.97 billion (-7.7%). The reduction in the trade deficit from R24.5 billion in January 2013 was due to an increase in exports of mineral products, chemical products, precious metals and machinery and electrical appliances. Imports decreased in the following sections: prepared foodstuffs, chemical products, plastics and rubber, machinery and electronics and vehicles, aircraft and vessels. The cumulative deficit for 2013 is R34.11 billion compared to R23.71 billion in 2012.