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In terms of current law, taxpayers may set-off the balance of their assessed loss carried forward from a prior tax year (“Year 1”) against income of the current year (“Year 2”).
Section 23M was introduced into the Income Tax Act No. 58 of 1962 (“the Act”) with effect from 1 January 2015 to limit interest deductions in certain circumstances where the creditor is not subject to South African tax on the interest income.
A common misconception is that taxpayers may deduct donations made to any charity organisation or a non-profit organisation (“NPO”). This is incorrect. Rather, a taxpayer may in certain circumstances deduct donations made to public benefit organisations (“PBOs”) approved in terms of section 18A of the Income Tax Act No. 58 of 1962 (“the Act”) upon the issue of a section 18A receipt (adhering to certain requirements) by that PBO.
During mid July 2021, businesses across South Africa was severely impacted with violent riots, arson, destruction of property and looting.
The Minister of Employment and Labour, Thulas Nxesi, signed the Direction which will make it possible for the Unemployment Insurance Fund(UIF) to implement a third extension of the Covid19 TERS benefit.
The growth and development in the cloud computing market has improved the asset management technology offering in a massive way.
