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Welcome

PKF Port Elizabeth

News
PKF Port Elizabeth

2017

19 09 2017

Employers: EMP501 submissions are due by 31 October

Every employer who is registered for Pay-as-you-earn(PAYE), Unemployment Insurance Fund(UIF) and/or Skills Development Levy(SDL), should submit an EMP501 by 31 October 2017. The Employer Interim Reconciliation period, referring to the period from 1 March 2017 to 31 August 2017, opened on 15 September and runs to 31 October 2017.

16 08 2017

PKF Partners to Present at 2017 Tax Indaba

SAIT, along with other recognised professional bodies in South Africa, have come together to present the largest annual gathering bringing together the entire tax community.

14 08 2017

PKF (PE) Inc. receives a Golden Arrow Award for Business Excellence!

PKF PE has recently had the absolute honour of being awarded one of PMR.Africa’s very prestigious Excellence Awards, in the form of a Golden Arrow ranking.

08 08 2017

Avoid Interest and Penalties! Submit your Provisional Tax Return by 31 August 2017

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 31 August each year.

10 07 2017

The OECD guidelines for thin capitalisation – Should we be worried?

Companies are funded in two ways, namely through debt and equity. In certain instances interest payments incurred in the production of income are deductible for tax purposes, while distributions are not tax deductible. The way in which a company is structured therefore raises tax concerns regarding the balance between debt and equity. Thin capitalization is governed by the general transfer pricing provisions of the Income Tax Act. The Organisation for Economic Co-operation and Development (OECD) has clear guidelines on thin capitalization.

23 06 2017

Submit your 2017 Income Tax Return #submityourreturn #avoidpenalties

The tax season for individuals to submit their Income Tax returns begins on 1 July 2017. We provide below answers to some of the most common queries individuals may have.

01 06 2017

Independent Trustees – How important are they?

Many family trusts are formed without the appointment of an independent trustee which can prove disastrous in instances where a dispute arises and the validity of the trust is questioned. In South Africa there have been many cases which allowed for the veneer of the trust to be pierced and the trust been deemed to be nothing more than the “alter-ego” of the person controlling such trust and the assets of the trust being deemed to belong to that person.

01 06 2017

Relaxation of Exchange Control Rules

On 19 April 2017, an amended Currency and Exchange Manual for Authorised Dealers (“the Manual”) was issued to give effect to the further amendments released pertaining to the permissions and conditions applicable to foreign exchange transactions.

01 06 2017

Capital Gains Tax Consequences on the Cancellation of Disposals

Generally for Capital Gains Tax (“CGT”) purposes when an asset is disposed of for more than the base cost, CGT is triggered in the year of the disposal. In the recent judgement of New Adventure Shelf V CSARS (310/2016) [2017] ZASCA 29 the Supreme Court of Appeal confirmed the tax the position where an asset is disposed of in a year of assessment and the sale is cancelled in a subsequent year.

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