Tax Debt – A Silent Killer; More Than What Meets the Eye
Tax debt can creep into your life if left unchecked; having dire financial and lifestyle, consequences for you, and potentially, your family.
SARS Gazettes New Era For Trusts, Aiming At Trustees And Beneficiaries
On 30 June 2023, in a Gazetted public notice, the South African Revenue Service (SARS) formally expanded its third-party reporting standards to include trusts. Now, all South African trusts, and some foreign trusts, are required to submit returns containing third-party information as specified by SARS.
Company Confidential Shareholding Days Are Over – Deadline For CIPC Beneficial Ownership
On 1 April 2023, the Companies and Intellectual Property Commission (CIPC) released its new “Beneficial Ownership Register” functionality on its e-services platform. This new requirement has placed companies under the spotlight as they must now declare their Beneficial Ownership to the CIPC.
Tax Filing Season 2023 Is Here: These Are The Changes You Need To Know
The South African Revenue Service (SARS) has confirmed that the 2023 tax season will commence as follows: Individual taxpayers (non-provisional): 7 July 2023 to 23 October 2023 Provisional taxpayers: 7 July 2023 to 24 January 2024
Taxpayers Remain Unaware of SARS’ Saving Grace For Non-Compliance
The South African Revenue Service (SARS) has continually granted a lifeline to non-compliant taxpayers by keeping the Voluntary Disclosure Programme (VDP) open, which allows non-compliant taxpayers to come clean. The VDP came as a saving grace for many, especially as SARS began ramping up its efforts to eliminate non-compliance and massive collection drives.
Binding Rulings
Binding Private Ruling: BPR 387 Attribution of nett income to a public benefit organisation (09 December 2022) This ruling determines the tax consequences of a public benefit organisation (PBO) holding a participatory interest in a controlled foreign company, which is a foreign incorporated charity.
Case Law Wrap-Up
Commissioner for SARS v Coronation Investment Management SA (Pty) Ltd (1269/2021) [2023] ZASCA 10 (07 February 2023) The issue before the Supreme Court of Appeal (SCA) in this matter was whether a controlled foreign company (CFC) constituted a foreign business establishment (FBE) as contemplated in the Income Tax Act, No. 58 of 1962 (the ITA).
Shades of Grey: SARS Clearances and Greylisting
The greylisting of South Africa by the Financial Action Task Force (FATF), due to concerns about the country’s anti-money laundering efforts, has had significant consequences for individuals and businesses operating within South Africa. One of the key impacts of greylisting is the increased scrutiny of cross-border financial transactions, particularly with the remittance of funds out […]
SARS Overhauls Trust Returns: 5 Major Changes
SARS has completely overhauled tax returns for trusts. Although this has been hinted at for a long time, the degree of overhaul is far from expected.
“Exit Tax”: Detrimental or Desirable; What You Need to Know
When pursuing international career growth, and offshore employment, be aware that moving your person, without the requisite paperwork, will have you scoring bonuses in Belgium, but still subject to SARS in South Africa. In order to ensure optimal taxation, South Africans abroad must make use of either the Double Tax Agreement or Financial Emigration process […]