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PKF South Africa

PKF South Africa

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Tax effect on lumpsum benefits received from a provident fund
Tax - 2022-03-30

Tax effect on lumpsum benefits received from a provident fund

The Minister of Finance announced Government’s intention to introduce extensive retirement reforms to promote a culture of retirement savings approximately eight years ago.

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Residency, emigration, the impact on your taxes
Tax - 2022-03-30

Residency, emigration, the impact on your taxes

South African tax resident individuals are taxed on their worldwide income. You will be classified as a South African tax resident because, your intention is to be a tax resident in South Africa (your true home test) or you spend most of your time in South Africa on a continuous basis (physical presence test).

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Highlights 2022/2023 National Budget
Tax - 2022-02-23

Highlights 2022/2023 National Budget

Our Minister of Finance, Mr Enoch Godongwana has delivered his first maiden budget speech for the 2022 / 2023 fiscal year on Wednesday, 23 February 2022.

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Disclosure of Wealth
Tax - 2022-02-23

Disclosure of Wealth

Currently, provisional taxpayers with business interests are required to disclose assets and liabilities on their tax return.

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Tax - 2022-02-11

Tax treatment of insurance claims arising from the July riots

KwaZulu-Natal and parts of Gauteng were severely affected by the unrest in July 2021 with many businesses seriously impacted or completely destroyed. 

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Tax - 2022-01-27

Watch Out For The Penalty Assessment

As the SARS year end of 31 March approaches, SARS will focus on cash collections in all forms and manner in order to try and ensure that budget proposals as tabled are met.

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2021 - 2021-12-14

Assessed losses: Relaxation of proposed limitation rules

In prior articles, we questioned whether proposals to limit the ability of companies to fully set-off their assessed losses should be implemented in the current economic climate where business are attempting to recover from the effects of COVID-19. National Treasury has, fortunately, addressed concerns in this regard.

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2021 - 2021-12-14

Holiday season is coming: Remember PAYE to be paid by 7 January 2022!

On 23 August 2021, the Cape High Court handed down judgement in the case of PERI Formwork Scaffolding Engineering v CSARS. The case concerned the applicability of a 10% penalty (amounting to R1.6 million) and interest thereon in respect of the late payment of employees’ tax by the taxpayer.

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2021 - 2021-12-14

Tax Ombud Report 2020/2021

The Office of the Tax Ombud (“OTO”) recently released its 8th Annual Report in respect of the period from 1 April 2020 to 31 March 2021 (“Annual Report”). It demonstrates what a helpful channel the OTO can be in certain circumstances where taxpayers face administrative, procedural or service issues with SARS.

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2021 - 2021-11-26

The consequences of not completing the “yes/no” questions accurately on your tax return

The Respondent is Spur Group (Pty) Ltd (Spur). The Commissioner for the South African Revenue Service (SARS) approached the Supreme Court of Appeal of South Africa (SCA)1 seeking to appeal the judgment and order of the Western Cape Division of the High Court, Cape Town.

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