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2019 - 18 01 2019
Persons are generally allowed to set off any losses incurred in respect of one trade against the income derived from another trade, thereby reducing their overall tax liability.
The Supreme Court of Appeal (SCA) handed down an important judgement on 9 November 2018 in the case of Sasol Oil v CSARS (923/2017) [2018] ZASCA 153 which deals with simulated transactions and anti-avoidance schemes.
2018 - 14 10 2018
Section 24C was included in the Income Tax Act as a relief measure to taxpayers. It is to deal with a situation where an anomaly would arise when income is received in one year and expenditure is incurred in the subsequent year. Absent section 24C, the income would be fully taxable in the year received without any deduction for future expenditure.
On 11 May 2018, the South African Revenue Service (“SARS”) published, by Government Gazette; “Incidences of non-compliance by a person in terms of Section 210(2) of the Tax Administration Act, 2011 (Act no. 28 of 2011) that are subject to a fixed amount penalty in accordance with Sections 210(1) and 211 of the Act.”
Treasury is incentivising South African taxpayers to invest in the local economy, via a tax deduction on the investment amount, provided the investment is structured through an approved section 12J Venture Capital Company (“VCC”).
2018 - 30 08 2018
When SARS issued an assessment with which the taxpayer is not in agreement with, certain procedures must be followed to ensure that the assessment is correctly dealt with. We will elaborate on the different options and timeframes which a taxpayer must adhere to.
2018 - 25 07 2018
In certain circumstances a VAT vendor may deduct a notional input tax credit in respect of “second-hand goods” acquired from non-vendors where no VAT is actually payable to the supplier.
In the recent case of Marshall N.O. and Others v Commissioner for the South African Revenue Service CCT208/17 [2018] ZACC 11 (25 April 2018), the Constitutional Court was required to consider the late filing of an application for leave to appeal against a judgement of the Supreme Court of Appeal (“SCA”). In making its determination, the Constitutional Court inter alia, considered the contention by the applicant that the Supreme Court of Appeal should not have relied on a SARS issued Interpretation Note in reaching its decision.
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