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2017

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2017

23 11 2017

SARS Announcement

SARS recently announced that the Country-by-Country Reporting (“CbCr”) requirements are effective for financial years commencing on or after 1 January 2016. It must be noted that these requirements not only impact SA-resident parent companies, but also foreign-held SA-resident companies which may be required to submit CbCr in SA.

20 11 2017

NEW TRANSFER PRICING DOCUMENTATION REQUIREMENTS

The transfer pricing regime in the Income Tax Act, 58 of 1962, is regulated by section 31 of that Act. It in essence requires that cross-border transactions be entered into on an arm’s length basis where connected persons transact with one another. The obvious mischief sought to be countered is for connected persons to charge fees between one another to ensure that the party in the most tax beneficial regime is more profitable than the taxpayer in the more onerous tax jurisdiction.

17 10 2017

PKF Worldwide Tax Update Q4 2017

In this final quarter issue for 2017, the PKF Worldwide Tax Update newsletter again brings together notable tax changes and amendments from around the world, with each followed by a PKF commentary which provides further insight and information on the matters discussed.

13 10 2017

TREASURY MOVES TO CLOSE CGT AVOIDANCE LOOPHOLE THROUGH SHARE BUYBACKS

Where one company previously sought to dispose of its shares in another company, it was able to do so without incurring an exposure for capital gains tax (“CGT”) or dividends tax, if that disposal were structured as an issue of shares by the target company to the “purchaser”, followed by a corresponding buyback of shares by the target company from the “seller”.

13 10 2017

THE “IN DUPLUM” RULE AND TAX LEGISLATION

The “in duplum” rule originated from the South African common law and has been applied through South African case law for over 100 years. This common law rule specifies that interest on a debt will cease to run (or accrue) when the total amount of arrear interest equals the amount of the principal debt outstanding.

13 10 2017

GONE ARE THE DAYS OF TAX-FREE SALARIES ABROAD

Many South African taxpayers earning a salary abroad have for many years been able to benefit from so-called “double non-taxation”. This would be the case where salaries are earned in countries where the employer country would not tax salaries earned in that country, and where a domestic South African income tax exemption would also be available to such South African employees.

13 10 2017

EXPANDING THE CONTROLLED FOREIGN COMPANY REGIME

We have previously reported on the “controlled foreign company” (“CFC”) regime as contained in section 9D of the Income Tax Act, 58 of 1962. Briefly again, that section seeks to impute the taxable income of a CFC into the hands of its South African tax resident shareholder. A CFC is in essence a foreign company of which more than 50% of the shares are held by South African tax residents.

04 10 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.

08 09 2017

MANUFACTURING COMPETITIVENESS ENHANCEMENT PROGRAMME (MCEP)

The Manufacturing Competitiveness Enhancement Programme (MCEP) is designed to promote competitiveness in manufacturing while ensuring job retention in the sector. The MCEP offers industrial financing loan facilities for working capital, as well as plants and equipment, managed by the IDC.

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For more information about becoming a member, recruitment opportunites or to contact a member firm

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