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VAT Deregistration: Know about the VAT Exit Charge
2021 - 2021-06-04

VAT Deregistration: Know about the VAT Exit Charge

The VAT Act requires persons carrying on an enterprise whose taxable supplies have exceeded or are expected to exceed R1million in a period of 12 months to register for VAT. A person may also voluntarily register if their supplies have exceeded R50 000 or are expected to exceed R50 000 in a 12-month period. A person may opt to voluntarily register for various reasons amongst them to secure the claiming of input VAT.

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Capital Gains Tax: Relief on the Disposal of Small Business Assets
2021 - 2021-06-04

Capital Gains Tax: Relief on the Disposal of Small Business Assets

Capital gains tax was introduced in 2001. South African tax residents are liable for capital gains tax on disposal of their worldwide assets. Non-residents are liable for capital gains tax on disposal of their immovable assets situated in South Africa or any assets effectively connected to their permanent establishment in South Africa.

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Offshore assets - SARS issuing letters to affected taxpayers
2021 - 2021-06-04

Offshore assets - SARS issuing letters to affected taxpayers

In February 2021, SARS issued a media release that SARS had received from 87 jurisdictions across the world, information detailing the offshore financial assets of South African taxpayers and that SARS intended to undertake a careful review of the information and audit it, where necessary.

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The welcome review of two very important SARS procedures: VDPs and ATRs
2021 - 2021-04-28

The welcome review of two very important SARS procedures: VDPs and ATRs

A focal point of the 2021 Budget Review relates to the proposed strengthening of SARS. Numerous recommendations made by the Nugent Commission to address governance failures at SARS have, to date, been implemented, including the re-establishment of the Large Business Centre, as well as units within SARS focussing on litigation, compliance and integrity.

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2021 - 2021-04-28

The compromise of tax debt: fact or fable?

In current economic times, some taxpayers may prefer to follow the “head-in-sand” approach when it comes to outstanding tax debts it has no means of paying. Unfortunately, this approach will not make the tax debt go away, but rather give rise to interest being levied in respect thereof. 

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2021 - 2021-04-06

SARS Auto-assessments

SARS recently came up with the new initiative of creating auto-assessments for taxpayers. SARS makes use of data they receive from employers, financial institutions, medical schemes, retirement annuity fund administrators and other 3rd party data providers to create the auto-assessment.

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2021 - 2021-04-06

SARS spotlight focused on Transfer Pricing

With the Minister having recently announced the R3 billion spending allocation towards the enhancement of SARS enforcement with a particular focus on transfer pricing, it is highly probable that we will be seeing more queries and audits in this area.

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2021 - 2021-04-06

Donations Tax Deadline: 31 March

A registered South African trust can be used as a risk management tool. As such it iscommon for a trust to enter into a transaction whereby assets are acquired from a connected person to the trust.

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2021 - 2021-04-06

Rebuilding SARS

It was announced in the 2021/2022 Budget that an additional spending allocation of R3 billion will
be provided to SARS to:

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