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25 05 2018

Non-compliance with Laws and Regulations (NOCLAR) – Whose problem is it?

The NOCLAR standard was recently released by the International Ethics Board for Accountants (IESBA).

20 04 2018

Important Notification: Employer Annual Reconciliation Due

A reminder from PKF South Africa that the Employer Annual Reconciliation is due for submission to SARS from April 2018.

27 03 2018

Debt to Equity – Group of Companies

Effective from the 1st of January 2018, section 19 of the Income Tax Act No. 58 of 1962 (“the Income Tax Act”), will change in the manner debt can be converted into equity for a group of companies.

27 03 2018

Extending the application of CFC Legislation to foreign companies held by foreign trusts and foundations

South African legislation has for many years contained anti-avoidance provisions in the form of controlled foreign company (CFC) rules which effectively taxes South African residents on their percentage of income of a CFC. A CFC is defined as any foreign company where more than 50% of the participation rights (equity and voting rights) are held by one or more South African residents.

27 03 2018

Extra-ordinary dividends - share buy-back anti-avoidance

Share buy-backs, if structured in a specific manner, may give rise to the shareholder/seller not being liable to capital gains tax in respect of the disposal of the share on the basis that the proceeds derived by the shareholder/seller in respect of such disposal would be reduced by the amount by which such buy-back transaction gives rise to a dividend. In addition, in circumstances where the shareholder/seller is a South African tax resident company, the share buy-back may be free from Dividends Tax.

16 03 2018

How does the 1% VAT increase affect your business?

The Minister of Finance announced the VAT rate increase from 14% to 15% in his Budget Speech on 21 February 2018. Whilst most business have been focusing on how to get their systems updated to account for the new rate, not many have taken into consideration the full impact of this rate change.

05 03 2018

Tell us what it costs you to comply with the tax system in South Africa

SAICA, in a joint initiative with the Financial Intelligence Department of the University of South Africa (UNISA), are conducting a survey of small, medium and large businesses as well as of individuals to evaluate and compare the costs/benefits of compliance with the tax system on them as taxpayers.

26 02 2018

No further extension on the VAT claw back relief

Where a property developer constructed residential units for sale and these units are temporarily let out as a result of the adverse economic conditions the developer had to declare the output vat on a deemed supply of such units. This imposition of VAT on the deemed supply is based on the open market value of the property when the property was first let out. This resulted in unreasonably high negative cash flow consequences for property developers.

26 02 2018

Changes to Reimbursive travel expenses from 1 March 2018

Employers may elect to reimburse employees for the travel costs at a set rate per kilometre, as opposed to a fixed monthly travel allowance.

26 02 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.

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