We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.

Privacy Policy
PKF South Africa

PKF South Africa

Home News 2022 Tax News
New Rules affecting those earning multiple sources of income
Tax - 2022-05-31

New Rules affecting those earning multiple sources of income

SARS recently introduced a system to increase the PAYE deduction from individuals who receive multiple annuities and/or pensions – or in some cases individuals who earn rental, and other income – in a bid to reduce the likelihood of underpayment penalties and interest being levied on assessment.

Read more
SARS Service Charter
Tax - 2022-05-31

SARS Service Charter

Voluntary tax compliance by taxpayers have been undermined by factors such as poor service delivery among other public perceptions hampering tax collections by the South African Revenue Services (“SARS”).

Read more
Capital Gains Tax: At what point in time is it triggered?
Tax - 2022-04-26

Capital Gains Tax: At what point in time is it triggered?

Mr. S concludes an agreement to sell fixed property (“Property S”) to Mr. P on 20 January 2021, subject to Mr. P concluding an unconditional agreement of sale to sell his own fixed property (“Property P”) by 20 February 2021. Mr P concludes an unconditional agreement for the sale of Property P on 2 February 2021. The Deeds Office registers the transfer of Property S on 20 May 2021.

Read more
Not to be overlooked: The importance of an accurate tax return
Tax - 2022-04-26

Not to be overlooked: The importance of an accurate tax return

Recent South African case law emphasises the extreme importance of ensuring tax returns are completed accurately. The incorrect disclosure of factual information in a tax return could have far-reaching consequences for the taxpayer – despite such incorrect disclosure being innocently made.

Read more
Tax - 2022-04-26

Variable remuneration – important principles

In terms of section 7B of the Income Tax Act No. 58 of 1962 (“the Act”), “variable remuneration” should be deducted by an employer, and should accrue to the employee, on the date upon which such amount is paid by the employer to the employee.

Read more
Tax - 2022-03-30

Employment Tax Incentive (“ETI”)

During the February 2022 budget speech, the Minister of Finance announced a 50% increase in the (ETI) value which came into effect on the 1st of March 2022.

Read more
Tax - 2022-03-30

Tax effect on lumpsum benefits received from a provident fund

The Minister of Finance announced Government’s intention to introduce extensive retirement reforms to promote a culture of retirement savings approximately eight years ago.

Read more
Tax - 2022-03-30

Residency, emigration, the impact on your taxes

South African tax resident individuals are taxed on their worldwide income. You will be classified as a South African tax resident because, your intention is to be a tax resident in South Africa (your true home test) or you spend most of your time in South Africa on a continuous basis (physical presence test).

Read more
Tax - 2022-02-23

Highlights 2022/2023 National Budget

Our Minister of Finance, Mr Enoch Godongwana has delivered his first maiden budget speech for the 2022 / 2023 fiscal year on Wednesday, 23 February 2022.

Read more
Tax - 2022-02-23

Disclosure of Wealth

Currently, provisional taxpayers with business interests are required to disclose assets and liabilities on their tax return.

Read more