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2019 - 22 07 2019

THE INCOME TAX IMPLICATIONS OF DEBT WRITE-OFFS

Where a creditor and a debtor enter into an arrangement whereby debt is cancelled or waived, such an arrangement is a concession or compromise as defined in the Income Tax Act. A concession or compromise is a debt benefit which carries income tax consequences.

2019 - 05 06 2019

WITHDRAWALS FROM RETIREMENT ANNUITY FUNDS, PRESERVATION PENSION FUNDS AND PRESERVATION PROVIDENT FUNDS UPON EMIGRATION

Prior to the change in tax legislation effective from 1 March 2020, South African tax residents who are employed outside of South Africa were (subject to certain criteria) exempt from South African tax on their foreign earnings. From 1 March 2019 the maximum exemption from tax has been limited to the first R1M in taxable income.

2019 - 01 05 2019

EXPECTING EXPAT TAX

All South African tax residents working abroad should be considering whether they may be impacted by tax law changes which will enter into force on 1 March 2020.

2019 - 01 05 2019

REPORTABLE ARRANGEMENTS: EXPANSION OF LISTED REPORTABLE ARRANGEMENTS

Section 35 of the Tax Administration Act No. 28 of 2011 (“the TAA”) sets out the circumstances in which an arrangement would constitute a “reportable arrangement”. A “reportable arrangement” does not in itself give rise to a tax liability, but may give rise to the compilation of a cumbersome and onerous report for submission to SARS – the failure of which could give rise to significant penalties.

2019 - 01 05 2019

DIVIDENDS VERSUS RETURNS OF CAPITAL MADE BY COMPANIES

Not all distributions made by companies to their shareholders constitute dividends for purposes of the Income Tax Act No. 58 of 1962. To the extent that a distribution made by a company reduces the “contributed tax capital” (a concept defined with reference to inter alia the subscription consideration received by the company on the issue of shares) of a company, such would may give rise to a “return of capital” as opposed to a dividend.

2019 - 21 02 2019

2019 Budget Speech Highlights

On 20 February 2019, Tito Mboweni, Finance Minister delivered his 2019 Budget Speech. Hereby a short summary of some of the significant points and proposals for the 2019 Budget as tabled by the Minister of Finance:

2019 - 20 02 2019

2019/2020 Tax Guide

The PKF team have been hard at work producing the 2019/2020 Tax Guide.

2019 - 01 02 2019

PKF INTERNATIONAL WELCOMES NEW MEMBER FIRM IN GEORGE, SOUTH AFRICA

PKF International Limited has reinforced its presence within South Africa with the admission of independent member firm PKF George.

2019 - 18 01 2019

BPR: TAXABILITY OF INTEREST WHERE DTA BETWEEN SA AND BRAZIL APPLIES

A Binding Private Ruling (BPR) 307 was issued by the South African Revenue Service on 4 July 2018 which deals with the application of DTA relief in respect of the double taxation of interest.

2019 - 18 01 2019

DEDUCTION FOR PHOTOVOLTAIC SOLAR ENERGY PLANTS

Section 12B(1) and (2) of the Income Tax Act provides for a 50/30/20 income tax deduction in respect of certain machinery or plant owned by the taxpayer and which was or is brought into use for the first time by that taxpayer, for the purpose of his or her trade to be used by that taxpayer in the generation of electricity from, amongst others, photovoltaic solar energy (both for energy of more than 1 megawatt and energy not exceeding 1 megawatt) or concentrated solar energy. The tax deduction also applies to any improvements to the qualifying plant or machinery which is not repairs.

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