SARS to impose penalties for outstanding corporate income tax returns

SARS has warned taxpayers that administrative penalties will be imposed for outstanding corporate income tax (CIT) returns from December this year. According to PwC’s Elle-Sarah Rossato, Section 210 of the Tax Administration Act provides for the imposition of...

SARS, NPA to go after taxpayers with outstanding returns

Cape Town - The South African Revenue Service (SARS) has embarked on a new initiative with the National Prosecuting Authority (NPA) to prosecute non-compliant taxpayers who have failed to submit returns. At the end of March 2018, active taxpayers owed SARS about 30...

What you need to know about Sage Pastel’s VAT Increase procedure.

How will the 15% VAT increase affect your product? The VAT increase is effective from the 1st of April 2018. Sage will make build updates available for Version 14, Version 17 and Version 18 which will automatically make the necessary changes to ensure you remain VAT...

Transfers of tax-free savings accounts take effect

Since March 1, 2018, investors in tax-free savings accounts (TFSAs) can transfer accounts directly between product providers for the first time without affecting their annual or lifetime contribution limits. The move may stimulate competition in a market, which has...

Be aware of correct tax treatment of severance benefits

The South African Revenue Service (Sars) relooked its policy on the tax treatment of voluntary severance packages, and whether they qualify as “severance benefits”. The conclusion was that they did. However, the form which is used to apply for a directive on the...

The silent tax on SA’s middle class

One of the biggest challenges facing South Africa is arguably its inability to keep pace with the international advancement in technology, Sasfin deputy chairperson David Shapiro recently argued during a panel discussion. While there was a lot of excitement around...

No sign of probe KPMG promised

International auditing and accounting firm KPMG is scrambling to justify why there is no progress on setting up an independent investigation into work it did for the controversial Gupta family and its report on the South African Revenue Service's (Sars') so-called...

Millions of taxpayers yet to file their tax returns

An estimated two million taxpayers still needed to file their tax returns at the beginning of November. There is now just over a week before the deadline and if you are one of those who have left it to the last minute, it is time to focus on getting it in on time. If...

High-profile SA firms, South Africans named in massive tax leak

JOHANNESBURG - High-profile South Africans and companies have been named in a massive tax leak which is being described as explosive and damning. The huge new leak of financial documents has revealed how entities, including Standard Bank, Glencore and the Shanduka...

What you need to know about provisional tax

Becoming self-employed means moving from the relatively simple pay-as-you-earn (PAYE) system, where tax is deducted off monthly salaries, to the more complicated provisional tax system. This requires a whole lot of additional admin, including estimating earnings.You...