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2019 - 18 01 2019

DEDUCTION FOR PHOTOVOLTAIC SOLAR ENERGY PLANTS

Section 12B(1) and (2) of the Income Tax Act provides for a 50/30/20 income tax deduction in respect of certain machinery or plant owned by the taxpayer and which was or is brought into use for the first time by that taxpayer, for the purpose of his or her trade to be used by that taxpayer in the generation of electricity from, amongst others, photovoltaic solar energy (both for energy of more than 1 megawatt and energy not exceeding 1 megawatt) or concentrated solar energy. The tax deduction also applies to any improvements to the qualifying plant or machinery which is not repairs.

2019 - 18 01 2019

RING-FENCING OF ASSESSED LOSSES OF CERTAIN TRADES

Persons are generally allowed to set off any losses incurred in respect of one trade against the income derived from another trade, thereby reducing their overall tax liability.

2019 - 18 01 2019

SIMULATED TRANSACTIONS – IMPORTANT JUDGEMENT BY THE SCA

The Supreme Court of Appeal (SCA) handed down an important judgement on 9 November 2018 in the case of Sasol Oil v CSARS (923/2017) [2018] ZASCA 153 which deals with simulated transactions and anti-avoidance schemes.

2018 - 14 10 2018

FUTURE EXPENDITURE ON CONTRACTS – SECTION 24C OF THE INCOME TAX

Section 24C was included in the Income Tax Act as a relief measure to taxpayers. It is to deal with a situation where an anomaly would arise when income is received in one year and expenditure is incurred in the subsequent year. Absent section 24C, the income would be fully taxable in the year received without any deduction for future expenditure.

2018 - 14 10 2018

FIXED PENALTIES IMPOSED ON NON-COMPLIANCE WITH TRANSFER PRICING DOCUMENTATION

On 11 May 2018, the South African Revenue Service (“SARS”) published, by Government Gazette; “Incidences of non-compliance by a person in terms of Section 210(2) of the Tax Administration Act, 2011 (Act no. 28 of 2011) that are subject to a fixed amount penalty in accordance with Sections 210(1) and 211 of the Act.”

2018 - 14 10 2018

VENTURE CAPITAL COMPANIES (VCCs) - TAX INCENTIVE

Treasury is incentivising South African taxpayers to invest in the local economy, via a tax deduction on the investment amount, provided the investment is structured through an approved section 12J Venture Capital Company (“VCC”).

2018 - 30 08 2018

APPEAL

When SARS issued an assessment with which the taxpayer is not in agreement with, certain procedures must be followed to ensure that the assessment is correctly dealt with. We will elaborate on the different options and timeframes which a taxpayer must adhere to.

2018 - 30 08 2018

OBJECTION

When SARS issued an assessment with which the taxpayer is not in agreement with, certain procedures must be followed to ensure that the assessment is correctly dealt with. We will elaborate on the different options and timeframes which a taxpayer must adhere to.

2018 - 30 08 2018

REQUEST FOR REASONS

When SARS issued an assessment with which the taxpayer is not in agreement with, certain procedures must be followed to ensure that the assessment is correctly dealt with. We will elaborate on the different options and timeframes which a taxpayer must adhere to.

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Copyright 2018 PKF South Africa Inc. | PKF South Africa Inc. is a family of legally independent firms in South Africa and is a member firm of the
PKF International Limited family of legally independent firms. PKF South Africa Inc. itself does not provide services to clients
and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms.