Author Archive for: Tax Consulting South Africa
Entries by Tax Consulting South Africa
Who should Complete a Tax Return? Government Gazette, 9 June 2017
In terms of section 25 of the Tax Administration Act, 2011, Commissioner for SARS Tom Moyane promulgated Public Notice 547, which sets out the requirements for which persons how to submit income tax returns for 2017 year of assessment. In terms of section 25 of the Tax Administration Act, read with section 66(1) of the […]
Sayonara to Tax Free Earnings
Sayonara to Tax Free Earnings The proposed amendment to section 10(1)(o)(ii), the exemption section referred to often as the so-called 183-and-60-day rule aims to limit the current tax-free earning situation of South African tax residents working abroad. Under the current regime, taxpayers who are resident in the Republic and earn an income under a foreign […]
Scams and Phishing Attacks
Members of the public are randomly emailed with false emails made to look as if these emails were sent from SARS, but are in fact fraudulent emails aimed at enticing unsuspecting taxpayers to part with personal information such as bank account details. Examples include emails that appear to be from returns@sars.co.za or refunds@sars.co.za indicating that tax payers […]
Guide on the Determination of Medical Tax Credits (Issue 7)
The guide provides general guidelines to determine the medical fees tax credit and additional medical aid tax credit for income tax purposes. The guide includes the relevant definitions and formulas as well as detailed examples for purposes of the medical fees tax credit and additional medical aid tax credit calculation. Read More
BPR 242: Venture Capital Company Investment in Qualifying Companies
This ruling determines – Whether or not the investee is a “controlled group company” and that the shares purchased by the Applicant and Co-Investor is “equity shares”; and The meaning of “hotel keeper” and the allowances that a hotel keeper may claim. The Applicant and Co-Investor intends to invest in qualifying companies that will carry […]