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PKF South Africa

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2018 - 26 Feb 2018

A Water Shortage for South Africans and Now Tax on Sugary Beverages!

Apart from the water shortage in the Western Cape and the effect of the 1% VAT increase following the budget speech, South Africans will now be paying more for sugary drinks.

2018 - 22 Feb 2018

MANAGERS CONFERENCE 2018

The managers' of PKF (SA) held their annual conference at Glenburn Lodge Muldersdrift from 26-28 January 2018. There were two new offices in attendance being Pretoria and PKF Octagon (Johannesburg). This was the largest managers' conference held for some time with 47 delegates in attendance.

2018 - 21 Feb 2018

2018 Budget Speech Highlights and 2018/2019 PKF Tax Guide

Finance Minister Malusi Gigaba delivered his maiden 2018 budget speech on 21 February 2018. The highlights of the tax related budget proposals announced by the Minister are as follows:

2018 - 21 Feb 2018

IMPORTANT SARS DATES

There appears to be an increased focus recently by SARS in relation to tax compliance. We therefore want to highlight the below important dates again to our clients to ensure that they are always fully tax compliant. Non-compliance may lead to penalties being imposed against defaulting taxpayers, but also has wider potential implications. This includes that taxpayers may be unable to apply for a tax clearance certificate, or that SARS may be disinclined to favourably consider a request for the suspension of payment of an alleged tax debt while the taxpayer is engaged in a tax dispute with SARS.

2018 - 21 Feb 2018

DEDUCTIBILITY OF SED AND ED EXPENDITURE

The South African Revenue Service ("SARS") recently issued a binding private ruling ("BPR") in which the income tax consequences of expenditure in respect of socio-economic development ("SED") and enterprise development ("ED") obligations were considered.

2018 - 21 Feb 2018

SECURITIES TRANSFER TAX

Levied at 0.25% of the value of shares transferred, the securities transfer tax ("STT") is a tax often neglected and forgotten. Introduced in 2008, the tax is levied on the transfer of shares held in South African companies or the transfer of membership interests held South African close corporations. The issuing of a share is however not a "transfer" for purposes of the Securities Transfer Tax Act, nor the buying back / redemption / cancellation of a share by the company whose share it is itself where that company is in the process of having its existence terminated.

2018 - 29 Jan 2018

Avoid Interest and Penalties! Submit your Provisional Tax Return by 28 February 2018!

A provisional taxpayer must, during every period submit an estimate of the total taxable income which will be derived in that year of assessment. Provisional tax payments must be made by natural persons on or before 28 February and 31 August each year. The South African Revenue Service ("SARS") also allows for a third "voluntary top up" or "additional" provisional payment, which must be paid on or before 28 September.

2017 - 24 Nov 2017

Tax Talk Edition 67 - Kubashni Moodley

"Tax is a diverse and ever-evolving Industry so you never run the risk of doing mundane tasks."

2017 - 23 Nov 2017

Country by Country Reporting and Transfer Pricing

SARS issued a public notice on 20 October 2017 which stipulates the requirements and timeframes for Country-by-Country Reporting (“CbCr”) transfer pricing documentation (master file and local file).

2017 - 14 Nov 2017

Partners Conference - Zimbali

The National Partners of PKF (SA) held their annual conference from 02nd to the 05th November 2017 at Zimbali Lodge on the North Coast of Kwa-Zulu Natal.

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