SARS Considers Ordaining Solar Installers as Spies
The recent draft public notice issued by SARS proposes that Solar Installers must report taxpayer information.
Policy Withdrawals – Navigating the Inconsistencies of Expat Requirements
South Africans abroad face multiple challenges when it comes to withdrawing their retirement policies in South Africa. The most recent being the South African Revenue Services (“SARS”) implementation of the 3-year lock in rule on retirement funds in March 2021. This was further exacerbated by cumbersome requirements and additional administration burden required by policy providers.
Beware! One Cannot Review a Decision Which Was Not Taken!
In the matter of Medtronic International v CSARS (33400-19) ZAGPPHC, Medtronic (“the taxpayer”) brought a review application against the Commissioner of SARS (“the Commissioner”). This was due to the taxpayer being a victim of fraud, perpetuated by a Medtronic employee, to the tune of approximately R460 000 000,00.
Reaffirming The Rules – SARS Disputes And The High Court
Under the original section 105 of the Tax Administration Act, 28 of 2011 (“the TAA”), taxpayers could elect to dispute a “decision” by application to the High Court for review. This was, however, amended in 2015, to make it clear that a “decision” by SARS may only be disputed per the objection and appeal procedures, […]
Crypto Tax Classification – Capital Gains or Income
“Bitcoin, blockchain, mining”. By now we’re all familiar with cryptocurrency and its related buzzwords. The initial boom in cryptocurrency markets, has resulted in many people becoming cryptocurrency investors, with everyone seeking to capitalise on intangible investment opportunity, or at least, the loss that comes with their investments, in the current bear market.
How The Budget Speech Will Really Impact Companies and Tax Practices
Having seen the contents of the budget speech retold endlessly in the media, many business professionals are still no wiser about how their companies will be impacted by the announced policy changes.
A Reprieve for the Aggrieved – Encouraging Voluntary Taxpayer Compliance
The dispute resolution process, as outlined under Chapter 9 of the Tax Administration Act, No. 28 of 2011 (“the TAA”), read together with Part B, of the Tax Administration – Regulations (“the Regulations”), provides the applicable timelines within which such a dispute resolution process must be initiated.
Need-To-Know Advice For High-Net-Worth SA Families Considering Emigrating To The US
Many high net worth (HNW) individuals and families, as well as qualified professionals, are seriously considering emigrating from South Africa to the US. Whether it is for work or to escape the country’s poor economic conditions and dwindling wealth opportunities, it’s a life-altering decision that shouldn’t be taken lightly. Or rushed into without the right […]
SARS’ Post-Pandemic Recovery – Effective Implementation, or Aggressive Collections?
The release of the 15th Annual Edition of Tax Statistics on 03 March 2023 (“2022 Tax Statistics”), published by National Treasury and the South African Revenue Service (“SARS”), reverberated a positive shockwave with the post-pandemic recovery in revenue collections being nothing short of impressive.
Deregistration – Is It The Answer To Breaking All Ties With SARS?
For expatriates who have decided that it is time that they break all ties with South Africa, the process of getting the South African Revenue Service (“SARS”) off your back can be a long, time-consuming affair that can result in many mistakes. With an increasing number of expatriates opting to financially emigrate, the deregistration process […]