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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.

2018 - 25 07 2018

CLAIMING VAT INPUT CREDITS IN RESPECT OF SECOND-HAND GOODS ACQUIRED

In certain circumstances a VAT vendor may deduct a notional input tax credit in respect of “second-hand goods” acquired from non-vendors where no VAT is actually payable to the supplier.

2018 - 25 07 2018

CAN THE COURTS MAKE USE OF SARS INTERPRETATION NOTES IN INTERPRETING LEGISLATION?

In the recent case of Marshall N.O. and Others v Commissioner for the South African Revenue Service CCT208/17 [2018] ZACC 11 (25 April 2018), the Constitutional Court was required to consider the late filing of an application for leave to appeal against a judgement of the Supreme Court of Appeal (“SCA”). In making its determination, the Constitutional Court inter alia, considered the contention by the applicant that the Supreme Court of Appeal should not have relied on a SARS issued Interpretation Note in reaching its decision.

2018 - 25 07 2018

UNDERSTANDING THE HISTORY AND RATIONALE FOR EXCHANGE CONTROL

South African residents are subject to exchange controls with the effect that they may, inter alia, not freely transfer South African assets offshore. Exchange control rules are not embodied in a single body of law or statute and it is therefore often difficult for a person to understand why they should be subject thereto.

2018 - 13 07 2018

PKF OCTAGON’S CLIFFORD LIVINGSTONE

PKF OCTAGON is one of South Africa’s leading Chartered Accountants and Business Advisory Service providers delivering innovative financial solutions and needed support to their clients’ current and future business issues.

2018 - 22 06 2018

DEDUCTIBILITY OF ADMINISTRATION FEES FOR PORTFOLIOS OF COLLECTIVE INVESTMENTS SCHEMES

There appears to be a recent trend where deductions claimed in respect of administration fees charged by portfolio managers to manage collective investment schemes are being disallowed by the South African Revenue Service.

2018 - 22 06 2018

TAX SEASON 2018: SARS CUTS THE TAX RETURNS DEADLINE

On Monday, 4 June, acting SARS Commissioner, Mark Kingon, announced that the 2018 tax filing season will open on 1 July 2018, but will be shorted by three weeks. The announcement of the shortened filing season, aimed at improving efficiency, allows additional time for SARS, taxpayers and the tax fraternity in general, to deal with all tax verifications before the December holiday break.

2018 - 22 06 2018

TAX DEDUCTIONS AGAINST SALARY EARNINGS

Salary earners, excluding persons who earn more than 50% of their salaries by way of commission, are limited with regards to the deductions available against salary income. Unlike commission earners or sole proprietors who are able to claim expenses incurred in the production of their income, salary earners are only allowed the following deductions against their employment income:

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