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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:

2018 - 22 06 2018

PKF South Africa appoints new chairman

PKF South Africa announces the appointment with effect from 1 June 2018 of Theo Vermaak (CA SA) as chairman, replacing incumbent Kevin Gertenbach. The latter remains a partner of PKF Durban and member of the PKF Africa Board. Vermaak was also previously the Africa Regional Director of PKF International was elected to one of the top leadership posts of the global accounting profession - Chair of the Forum of Firms.

2018 - 05 06 2018

Leanne Haslett joins PKF South Africa as Head of Training

We are excited to announce that Leanne Haslett has joined PKF South Africa as Head of Training.

2018 - 01 06 2018

WOMAN IN THE WORLD OF TAX – FEATURING KUBASHNI MOODLEY IN A SPECIAL EDITION OF TAX TALK

“Tax and the bigger policy issues facing South Africa have always intrigued me.” Kubashni Moodley, Tax Partner at PKF Durban, recently featured in a special edition of Tax Talk – Woman in the world of tax. Kubashni has Bachelor of Commerce and Bachelor of Commerce Honours degrees from the University of KwaZulu-Natal. She is a qualified Chartered Accountant and obtained a Master's in Taxation from the University of Pretoria. She was appointed as a Tax Partner at PKF Durban in 2013. Why choose the world of tax? Kubashni's affinity for and fascination with tax matters and the complexities of the field were triggered while she was studying at university. "Tax and the bigger policy issues facing South Africa have always intrigued me."

2018 - 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.

2018 - 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:

2018 - 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.

2018 - 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:

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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.