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Interest deductions:  Beware of the limitation in section 23M
2021 - 2021-09-28

Interest deductions: Beware of the limitation in section 23M

Section 23M was introduced into the Income Tax Act No. 58 of 1962 (“the Act”) with effect from 1 January 2015 to limit interest deductions in certain circumstances where the creditor is not subject to South African tax on the interest income.

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Possible further red tape around 18A receipts
2021 - 2021-09-28

Possible further red tape around 18A receipts

A common misconception is that taxpayers may deduct donations made to any charity organisation or a non-profit organisation (“NPO”). This is incorrect. Rather, a taxpayer may in certain circumstances deduct donations made to public benefit organisations (“PBOs”) approved in terms of section 18A of the Income Tax Act No. 58 of 1962 (“the Act”) upon the issue of a section 18A receipt (adhering to certain requirements) by that PBO.

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Roll over relief on assets destroyed due to looting and unrest in South Africa
2021 - 2021-09-28

Roll over relief on assets destroyed due to looting and unrest in South Africa

During mid July 2021, businesses across South Africa was severely impacted with violent riots, arson, destruction of property and looting.

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Additional TERS benefit
2021 - 2021-09-28

Additional TERS benefit

The Minister of Employment and Labour, Thulas Nxesi, signed the Direction which will make it possible for the Unemployment Insurance Fund(UIF) to implement a third extension of the Covid19 TERS benefit.

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2021 - 2021-09-20

How does Fixed asset management technology fill the Gap?

The growth and development in the cloud computing market has improved the asset management technology offering in a massive way.

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2021 - 2021-06-30

Capital gains and multiple trust structures

In March 2021, the Tax Court determined whether a trust acted as a ‘conduit pipe’ when it received capital gains from various vesting trusts as a beneficiary, and in turn distributed the same capital gains to its own beneficiaries. The court determined the trust’s tax liability in accordance with section 25B(1) of the Income Tax Act, 58 of 1962 (the Act) prior to its recent amendment.

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2021 - 2021-06-30

Draft Interpretation note on home office expenses

Following the COVID-19 pandemic and the various government restrictions imposed as a result thereof, many employees in South Africa now find themselves remotely working. Employees under these circumstances have had to accommodate this by setting up home offices and bearing certain other expenses in order to facilitate a proper working environment from home. 

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2021 - 2021-06-30

Remission of penalties following a VDP

In February 2021, the High Court sought to review and determine whether SARS has a statutory duty to consider a taxpayer’s request for remission of interest notwithstanding a voluntary disclosure programme (VDP) agreement having been concluded between the taxpayer and SARS.

The Applicant is Medtronic International Trading S.A.R.L. During the course of June 2004 and May 2017, the Applicant’s accountant embezzled an amount of R537,236,176.00 from the Applicant by submitting false VAT returns to SARS and concealing the embezzlement by seeking reimbursements from SARS.

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2021 - 2021-06-14

PKF South Africa’s new Chairman and CEO lead the firm confidently into 2021

We are very pleased to share the exciting news of our newly elected Chairman and CEO.

Leadership changes are important and, when handled correctly, are very positive. They bring an opportunity to challenge the status quo and provide for the introduction of new ideas and diverse perspectives.

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2021 - 2021-06-14

PKF Ignite introducing Dext

Receipt Bank has been a PKF Ignite technology partner from the get-go. And we certainly love how they have helped us make our clients’ businesses more productive, profitable and powerful with better data and insight.

Having long outgrown its function of just receipt capture and collection, it now has a new name – and new features too!

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