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For all individuals and the majority of companies in South Africa the much dreaded second provisional tax return is due at the end of February which is fast approaching. Here are some basic principles to bear in mind when attending to your provisional tax return for this period.
In terms of current legislation, when a company (“ExitCo”) ceases to be a tax resident of South Africa, the following tax implications arise:
In terms of the Value-Added Tax Act No. 89 of 1991 (“the VAT Act”) a person is required to register for value added-tax (“VAT”) if, broadly speaking:
The 2020 Draft Taxation Laws Amendment Bill (“2020 draft TLAB”) and the 2020 Draft Tax Administration Laws Amendment Bill (“2020 Draft TALAB”) were published for comment on 31 July 2020.
2020 certainly caught us off-guard. Who would have thought that we would have been in lockdown for more than 100 days or that unions, parents, government and other stakeholders would fight about whether children attending schools would be a good idea?
On 24 June 2020, the Minister of Finance, Tito Mboweni, delivered the supplementary budget speech as a result of the significant effects that the current COVID-19 pandemic has had on our economy.
