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Proposed reduction in Corportate Income tax rate - The bigger picture
2021 - 2021-04-06

Proposed reduction in Corportate Income tax rate - The bigger picture

Minister Mboweni announced in the Budget Speech of 24 February 2021 that the corporate tax rate will be reduced from 28% to 27% for years of assessment starting on or after 1 April 2022. In some instances, this proposal was met with criticism on the basis that having regard to the current state of the economy, any reduction of tax rates should rather be focussed on the country as a whole and particularly the poor and needy – for example, a reduction of the VAT rate.

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Budget Overview
2021 - 2021-04-06

Budget Overview

Our Finance minister, Tito Mboweni delivered the 2021 Budget Speech on Wednesday, 24 February 2021.

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SARB lifts the ban on “loop structures” for individuals and coporates
2021 - 2021-04-06

SARB lifts the ban on “loop structures” for individuals and coporates

The Minister of Finance announced in his Budget Speech on 26 February 2020 that the South African Reserve Bank (SARB) would relax some of its current restrictions in order to simplify cross border trade and financial flows.

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Temporary letting and subsequent sale of dwellings by property developers
2021 - 2021-04-06

Temporary letting and subsequent sale of dwellings by property developers

As from 10 January 2012, property developers who let residential property prior to sale were granted temporary relief from the VAT claw back that would normally arise by way of a change of use adjustment.

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2021 - 2021-04-06

A Recap on Provisional Tax

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.

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2021 - 2020-09-22

Termination of the tax residence of a company: shareholders beware

In terms of current legislation, when a company (“ExitCo”) ceases to be a tax resident of South Africa, the following tax implications arise:

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2021 - 2020-09-22

Proposed amendments to VAT legislation: Potential impact on cross-border leases of certain assets used in SA

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:

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2021 - 2020-08-18

Draft tax laws amendment bill

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.

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2020 - 2020-08-07

Updated Medical Disability Form (ITR-DD) Issued by SARS

Section 6B of the Income Tax Act 58 of 1962 provides for a rebate known as Additional Medical Expenses Tax Credit (“AMTC”) for qualifying medical expenses that were not covered under the taxpayer’s medical scheme or by an insurer under a medical gap cover insurance plan during the relevant year of assessment.

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2021 - 2020-07-23

Estate Planning

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?

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