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PKF South Africa

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28 05 2018

VALID TAX INVOICE REQUIREMENTS FOR VAT VENDORS

Over the past few years we have notice a substantial increase in the audits of VAT returns by the South African Revenue Service (SARS), focusing on the validity of tax invoices for purposes of VAT It is therefore imperative for a VAT vendor to ensure all invoice comply with the relevant legislation before submitting VAT.

28 05 2018

CHANGING BANKING DETAILS WITH SARS

South African Revenue Service (“SARS”), in an attempt to reduce the risk of paying out refunds to incorrect taxpayers, often requests taxpayers to confirm new or existing banking details. Only once these details have been verified or updated does SARS release the refund due to that taxpayer. Taxpayers have various options available on how to proceed with this verification process:

28 05 2018

CHANGES TO INCOME TAX RETURNS FOR COMPANIES

SARS implemented several changes to the annual income tax returns for companies (the ITR14) on 26 February 2018 as part of SARS’ ongoing efforts to promote efficiency and compliance.

25 05 2018

ATTENTION VAT VENDORS: THE VAT RATE INCREASE AFFECTS YOUR APRIL VAT RETURNS

As you are aware the increase in the VAT rate from 14% to 15% affects your April VAT returns. Please note that for March/April VAT 201 returns, for Output tax, the following applies:

25 05 2018

Non-compliance with Laws and Regulations (NOCLAR) – Whose problem is it?

The NOCLAR standard was recently released by the International Ethics Board for Accountants (IESBA).

20 04 2018

Important Notification: Employer Annual Reconciliation Due

A reminder from PKF South Africa that the Employer Annual Reconciliation is due for submission to SARS from April 2018.

27 03 2018

Debt to Equity – Group of Companies

Effective from the 1st of January 2018, section 19 of the Income Tax Act No. 58 of 1962 (“the Income Tax Act”), will change in the manner debt can be converted into equity for a group of companies.

27 03 2018

Extending the application of CFC Legislation to foreign companies held by foreign trusts and foundations

South African legislation has for many years contained anti-avoidance provisions in the form of controlled foreign company (CFC) rules which effectively taxes South African residents on their percentage of income of a CFC. A CFC is defined as any foreign company where more than 50% of the participation rights (equity and voting rights) are held by one or more South African residents.

27 03 2018

Extra-ordinary dividends - share buy-back anti-avoidance

Share buy-backs, if structured in a specific manner, may give rise to the shareholder/seller not being liable to capital gains tax in respect of the disposal of the share on the basis that the proceeds derived by the shareholder/seller in respect of such disposal would be reduced by the amount by which such buy-back transaction gives rise to a dividend. In addition, in circumstances where the shareholder/seller is a South African tax resident company, the share buy-back may be free from Dividends Tax.

16 03 2018

How does the 1% VAT increase affect your business?

The Minister of Finance announced the VAT rate increase from 14% to 15% in his Budget Speech on 21 February 2018. Whilst most business have been focusing on how to get their systems updated to account for the new rate, not many have taken into consideration the full impact of this rate change.

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