Binding General Ruling 52

NEWS | BINDING GENERAL RULING 52: TIMEFRAME FOR THE EXPORT OF GOODS BY VENDORS AND QUALIFYING PURCHASERS AFFECTED BY THE GLOBAL COVID-19 PANDEMIC

Issue This binding general ruling extends the time periods to export movable goods, apply for a refund from the VAT Refund Administrator, and obtain the relevant documentary proof of export, as stipulated in the Export Regulations and IN 30 respectively.

-Applications-For Debt Relief In COVID-19

NEWS | THE OPPORTUNITY TO GET SOME RELIEF FROM TAX DEBT DURING COVID-19

Many businesses, and especially small and medium sized entities, have jumped at the opportunity to apply for debt deferral or debt compromises.

Five Misconceptions About Double Tax Agreement Relief

NEWS | FIVE MISCONCEPTIONS ABOUT DOUBLE TAX AGREEMENT RELIEF

If a South African expatriate had to describe the year 2020 in one word, “uncertainty” would no doubt rank as one of the most appropriate.

Emergency Budget Speech

NEWS | EMERGENCY BUDGET: FEW OPTIONS AVAILABLE TO GET SA OUT OF ITS ECONOMIC PIT

Finance Minister Tito Mboweni is facing his own crisis. He will be delivering South Africa’s – probably first – emergency budget in the wake of a massive economic decline.

The-New-Tax-Case-All-South-Africans-Should-Know-About-TC

NEWS | THE NEW TAX CASE ALL SOUTH AFRICANS SHOULD KNOW ABOUT

The High Court in Pretoria recently ruled that taxpayers have a right to be notified before the South African Revenue Service (SARS) appoints an agent to collect ‘outstanding tax debt’.

Home-Office-Expenditure-when-can-you-claim-from-SARS

NEWS | HOME OFFICE EXPENDITURE: WHEN CAN YOU CLAIM FROM SARS?

With the ever-looming threat of COVID-19 still hanging over South Africa at large, business has had to come to terms with a “new normal”, which has and will continue to result in many taxpayers needing to work from home for the foreseeable future.

Share-Buy-Back Income and Donations Tax Consequences

NEWS | BINDING PRIVATE RULING 40: SHARE BUY-BACK AT NOMINAL VALUE

Issue The Applicant and Co-applicant approached SARS to determine the income tax and donations tax consequences of a share buy-back at nominal value pursuant to a proposed cancellation agreement.

Binding Ruling #1339 Unpacked

NEWS | BINDING RULINGS#339: TRANSFER OF LISTED SHARES TO A COLLECTIVE INVESTMENT SCHEME IN EXCHANGE FOR PARTICIPATORY INTERESTS

Issue The Applicant and the Fund approached SARS to determine the tax consequences of a transfer of listed shares from the applicant to a collective investment scheme in exchange for participatory interests in that collective investment scheme, in terms of sections 9C and 42 of the Income Tax Act, No. 58 of 1962 (the ITA) […]

Case Law Wrap Up #3

NEWS | CANYON RESOURCES (PTY) LTD V C:SARS (68281/2016) (27 MARCH 2019)

Issue The issue in this matter relates to whether the taxpayer was entitled to claim a diesel refund in respect of diesel purchases in conducting its mining operations, in terms of section 75(1)(d) of the Customs and Excise Act, No. 91 of 1964 (the Customs Act) and Schedule 6 thereto.

Liquidated Company Employees May Not Suffer PAYE

NEWS | EMPLOYEES OF LIQUIDATED COMPANIES MAY NOT SUFFER PAYE

The COVID-19 pandemic has wreaked chaos on economies across the globe. Lockdowns, travel bans, and business closures has pushed several companies into liquidation; resulting in an inability to pay employees.