PKF uses cookies to enhance your browsing experience and analyse site traffic. By continuing to browse our site, you consent to the use of cookies. For more information, please refer to our Privacy Policy
As from 28 August 2023, the South African Revenue Services (hereafter “SARS”) has embarked on a mission to protect documents with passwords in order to ensure that the intended recipient can access the information.
In terms of current law, should trust income be vested in a discretionary beneficiary of such trust during the same year of assessment in which it is received by or accrues to the trust, the income flows through the trust as a conduit and is taxed in the hands of the beneficiary.
In Henque 3935 CC t/a PQ Clothing Outlet (In Business Rescue) v C:SARS (High Court, Gauteng Division, Case No. 2020/35790), the court was required to consider this question.
The Office of the Tax Ombud (“the Tax Ombud”) identified certain root causes of the delayed payment of tax refunds as systemic issues and made recommendations to the South African Revenue Service (“SARS”) on how best to address this issue
SARS has introduced an enhanced compliance system change in relation to the current tax clearance status (TCS) required for the transfer of funds by a taxpayer intending to make use of their foreign investment allowance (FIA) of up to R10 million per calendar year. It has been noted the effective date of this change is 24 April 2023.
