Proposal to Define “Bona Fide Inadvertent Error” in the Tax Administration Act
The concept of a “bona fide inadvertent error” is a critical yet regrettably undefined term within the Tax Administration Act, No. 24 of 2011 (“TAA”). Section 222(1) of the TAA states that an understatement penalty is only applicable if the understatement does not arise from a “bona fide inadvertent error“.
2025 Budget 2.0: The VAT increase is dead, long live the VAT increase
The shocks, surprises and shortfalls in the initial Budget that never saw the light of day on 19 February, made way for a reworked National Budget marked by cuts, compromises and curveballs. Although Finance Minister Enoch Godongwana’s first Budget attempt three weeks ago was unexpectedly stopped in its tracks, mainly because several partners in the […]
