The OECD released the latest updates to the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations on 10 July 2017. This 2017 edition incorporates the substantial revisions made in 2016 to reflect the clarifications and revisions agreed to in the 2015 BEPS Reports on Actions 8-10 Aligning Transfer pricing Outcomes with Value Creation and […]
Maggie Kgobane was interviewed on Tax related matters with SARS Manager Thokozani Mzantsi and Advocate Ombudsman Eric Mkhawane of SARS on Yilungelo Lakho on SABC 1 on the 10th of July 2017. Maggie shared her expertise with utmost confidence. She addressed questions that are frequently asked by taxpayers regarding Taxation and included useful guidelines that […]
The 2016/17 tax season is here and this is an important year of tax filing for expatriate employees, especially South Africans working temporarily abroad. We are all well aware of the tax change on the cards and this tax submission must be done bearing future tax strategy in mind. As an expatriate, there are a […]
High-net-worth individuals (HNWIs) will find themselves under greater scrutiny from SARS in the immediate future says Jerry Botha, Managing Partner at Tax Consulting South Africa. “In reviewing the SARS Annual Performance Plan for 2017 to 2018,” he states, “one will notice that they have highlighted low compliance of HNWIs as a strategic risk.” Botha notes […]
Tax Season 2017 is Open The tax season opened on the 1st of July for individuals to submit their Income Tax returns. The deadline dates differ according to the method of submission and is as follows: 2 September 2017 for manually submitted returns; 24 November 2017 for returns submitted electronically at a SARS branch or […]
SARS to Exchange Tax Information with over 50 Jurisdictions The South African Revenue Service (SARS) has committed to the automatic exchange of tax information with the revenue authorities of over 50 other jurisdictions under the Organisation for Economic Co-operation & Development (OECD) Common Reporting Standard (CRS) by September 2017. This international initiative goes hand-in-hand with […]
Increase of the Scale of Benefits The Unemployment Insurance Amendment Act, No. 10 of 2016 (“the Act”), is aimed at having a positive effect on the country’s labour force. Furthermore, there are likely to be positive effects on the economy as well. The Act will see those who lose their jobs receive money for a […]
On 28 October 2016 SARS published, in the Government Gazette, a notice under section 29 of the Tax Administration Act, No. 28 of 2011 which requires of selected multinational enterprises who enter into certain transactions to keep, what is effectively, a transfer pricing policy. In terms of the notice, information required to be kept in […]
OBJECTIONS AND APPEALS:THE HELPLESS TAXPAYER? Only assessments and certain prescribed decisions are subject to objection and appeal in terms of section 104 of the Tax Administration Act, No. 28 of 2011 (“the TAA”). There are a multitude of decisions that can be made by SARS and that are not subject to objection and appeal. These […]
BUDGET 2017: TAX CHANGES The 2017 budget lived up to the expectation created by the Finance Minister with the medium term budget policy statement late last year in which it was made clear that R28bn in additional tax revenue must be generated. Tax increases were announced as follows: Introduction of top marginal tax rate of […]