NEWS | ALL EYES ON SARS FOLLOWING MEDIUM TERM BUDGET POLICY STATEMENT
In a surprising admission by National Treasury in its Medium Term Budget Policy Statement, it has been acknowledged that recent tax increases have failed to generate the revenue numbers initially projected, and all evidence illustrates that South Africa’s higher than global average tax rates have in fact hindered economic growth.
NEWS | SERIOUS JAIL-TIME ON THE CARDS FOR NON-COMPLIANT TAXPAYERS
With Government’s draft response being released in the Parliamentary Debate on 13 October 2020, non-compliant taxpayers, be it intentionally or negligently, may soon be facing some serious jail-time.
NEWS | UNDER-MANNED AND UNDER-FUNDED – IS SARS A SINKING SHIP?
In his statement of 07 October 2020, Commissioner of the South African Revenue Service (“SARS”), Edward Kieswetter announced a funding shortage in the amount of approximately R800 million, which shortage needs to recovered be in order for SARS to operate efficiently again.
NEWS | TREASURY AND SARS OUTLINE NEW TAX CHANGES FOR SOUTH AFRICA
National Treasury has responded to some of the key changes proposed in its Draft Tax Law Amendment Bill (TLAB) and Draft Tax Administration Laws Amendment Bill (Draft TALAB) – including questions around emigration and harsher punishments for taxpayers.
NEWS | UNEXPECTED TAX RELIEF FOR EXPATRIATES “STUCK” IN SOUTH AFRICA
South African expatriates who were unable to leave South Africa on account of the lockdown will be relieved to learn that the requirements of the foreign employment exemption (Section10(1)(o)(ii)) will be relaxed.