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2020 - 02 04 2020

TAX MEASURES TO COMBAT THE COVID-19 PANDEMIC

In light of the National State of Disaster and due to the potentially lasting negative impact on the economy, as a result of the national lockdown, government has introduced the following tax interventions to assist with job retention and to assist businesses in financial distress

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2020 - 02 03 2020

2020 NATIONAL BUDGET SPEECH HIGHLIGHTS

Our Finance minister, Tito Mboweni delivered a largely optimistic 2020 Budget Speech yesterday. The minister’s speech contained no radical tax changes. Tax rates for the coming year are set to remain largely the same (barring inflationary related adjustments).

2020 - 02 03 2020

SOUTH AFRICAN CORPORATE INCOME TAX: REFORMS ON THE HORIZON

In contrast to many of South Africa’s trading and investment partners, the South African corporate income tax rate of 28% has remained unchanged for more than a decade. In particular, the corporate income tax rate of the United States, the United Kingdom and India have recently been reduced to 21%, 19% and 22%, respectively.

2019 - 03 10 2019

BASE COST OF IMPROVED ASSETS

Capital gains tax may be triggered upon the disposal of an asset by a taxpayer in circumstances where the proceeds or deemed proceeds arising from such disposal exceeds the base cost of the asset in the hands of the taxpayer.

2019 - 03 10 2019

PROPOSED EXPANSION OF THE VAT CORPORATE REORGANISATION RULES

The corporate reorganisation rules of the Income Tax Act No. 58 of 1962 (“the ITA”) provide for a “rollover” mechanism when, for example, assets are transferred from one group company to another. Provided the various requirements of the applicable provisions are adhered to, no capital gains tax, transfer duty or securities transfer tax (to the extent applicable) is triggered at the time of such transactions – rather the transferee is regarded as “stepping into the shoes” of the transferor in relation to the assets transferred.

2019 - 03 10 2019

VENTURE CAPITAL COMPANIES: RE-INTRODUCTION OF DEDUCTION LIMITATION

The venture capital company (“VCC”) regime was introduced into the Income Tax Act No. 58 of 1962 more than a decade ago. The purpose of this regime is to raise equity funding in support of small businesses which would otherwise not have access to market funding.

2019 - 27 08 2019

THE CARBON TAX ACT

The Carbon Tax Act came into force on 1 June 2019. The first tax returns and payments for effected tax payers will be due July 2020. This return would cover the period 1 June 2019 to 31 December 2019; subsequent periods will run from 1 January to 31 December. Form DA180 would need to be submitted in respect of each licensed emission generation facility.

2019 - 22 07 2019

VAT ON ELECTRONIC SERVICES PROVIDED BY A FOREIGN GROUP OF COMPANIES

The VAT Act provides that VAT be levied on imported services. Of late the focus has been on Electronic Services provided by non-residents to residents. Examples of these electronic services will be the provision of cloud computing as well as online services.

2019 - 22 07 2019

VAT IMPLICATIONS OF SERVICES PROVIDED TO NON-RESIDENTS

The South African VAT system is destination-based. This means that VAT is levied on the consumption of goods and services within the borders of South Africa. It follows then that goods and services supplied by VAT vendors where consumption takes place outside of South Africa and where benefit is enjoyed outside South Africa, is subject to VAT at a rate of zero per cent.

2019 - 22 07 2019

THE INCOME TAX IMPLICATIONS OF DEBT WRITE-OFFS

Where a creditor and a debtor enter into an arrangement whereby debt is cancelled or waived, such an arrangement is a concession or compromise as defined in the Income Tax Act. A concession or compromise is a debt benefit which carries income tax consequences.

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