*
*
*

PKF South Africa

Global expertise with local knowledge

News
right people right size right solutions

News Search

follow us

2016 - 12 09 2016

SPECIAL VOLUNTARY DISCLOSURE PROGRAMME (SVDP)

As you will recall in the Budget Speech the Minister of Finance proposed a Special Voluntary Disclosure Programme (SVDP) to enable South African resident to regularise foreign exchange transactions and the income tax consequences arising therefrom.

2016 - 12 09 2016

YOUR SME: KING IV CORPORATE GOVERNANCE CODE MAY APPLY TO YOU

The King reports over the last two decades have become locally and globally synonymous with good governance. To date the King Codes have had limited impact on small and medium enterprises (SMEs).

2016 - 12 09 2016

A GOOD NEWS STORY: FARMING IS DOING BETTER THAN WE THINK

One of the stories that underpins the current wave of pessimism around our economy is farming. We read stories about:

2016 - 12 09 2016

BE PREPARED AS GOVERNMENT TAKES AIM AT TRUSTS

For many years government has been hostile to trusts. In the latest draft Bill of 2016 taxation amendments, a provision has been inserted on trusts.

2016 - 01 07 2016

THE 2016 TAX SEASON IS OPEN

As is the case every year, the Commissioner for SARS recently published the annual notice to officially ‘open’ the 2016 tax season. Individuals and Trusts are now able to file their annual income tax returns for the 2016 year of assessment (which ended on 29 February 2016) from 1 July.

2016 - 01 07 2016

REGISTRATION REQUIREMENTS FOR THE SKILLS DEVELOPMENT LEVY

We have recently become aware of an increased level of audits being conducted by the South African Revenue Service (‘SARS’) in relation to taxpayers’ obligations in terms of the Skills Development Levies Act, 9 of 1999 (‘SDL Act’).  The focus appears to be specifically on non-compliant taxpayers who fail to register as required in terms of section 5 of the SDL Act, and therefore for these employers to pay the requisite levy over to SARS.  The problem is perhaps amplified thereby that the skills development levy is often considered an ‘unimportant’ tax by taxpayers (primarily due to it being less costly compared to for example VAT or income tax).  Compliance with the SDL Act is therefore not a top priority to taxpayers, with the effect that taxpayers are also not apprised of their rights and obligations in terms of this Act when confronted by SARS to register and settle an ostensible skills development levy obligation.

2016 - 01 07 2016

THE COMPANIES ACT’S SOLVENCY AND LIQUIDITY TEST

The solvency and liquidity test in section 4 of the Companies Act, 71 of 2008, presents arguably one of the most important requirements of that Act. Without satisfying this test, a company cannot declare dividends, cannot provide loans and other forms of financial assistance to directors or to prospective shareholders to enable the latter to subscribe for shares in the company, to name but a few examples. Where directors act in contravention of the prohibition in considering whether a company may enter into a transaction, they may be held personally liable for damages or losses suffered as a result (see section 77(3)(e)).

2016 - 01 07 2016

APPORTIONMENT OF EXPENDITURE FOR INCOME TAX PURPOSES

For income tax purposes and in terms of section 11(a) of the Income Tax Act, 58 of 1962, expenditure is deductible from income to the extent that the expenditure in question has been actually incurred for the purposes of trade and in the production of income, such expenditure not being of a capital nature.  Income as used in the above sense is a reference to ‘income’ as defined in the Income Tax Act.  Briefly, ‘income’ comprises ‘gross income’ less ‘exempt’ income (such as dividend receipts for example).  It follows therefore that expenditure incurred to produce tax exempt income is not deductible for income tax purposes.

2016 - 13 06 2016

PKF Partner Kobus Nell raising funds for CHOC in Rhodes Extreme Race

PKF partner, Kobus Nell, from the PKF Constantia Valley office in Cape Town, took part in the Rhodes Extreme mountain bike stage race and raised funds for CHOC, a charity in support of children with cancer.

2016 - 16 03 2016

PKF Tax App now updated

PKF's handy Tax App has just been updated for the recently published 2016-2017 SA Tax Guide.

Get In Touch

For more information on how our services can help your business get in touch.

* *
*

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.