PKF South Africa
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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.
Read more2021 - 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.
Read more2021 - 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!
Read more2021 - 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.
Read more2021 - 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.
Read more2021 - 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.
Read more2021 - 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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