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PKF Welkom

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2018

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2018

14 10 2018

FIXED PENALTIES IMPOSED ON NON-COMPLIANCE WITH TRANSFER PRICING DOCUMENTATION

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.”

14 10 2018

VENTURE CAPITAL COMPANIES (VCCs) - TAX INCENTIVE

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”).

30 08 2018

APPEAL

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.

30 08 2018

OBJECTION

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.

30 08 2018

REQUEST FOR REASONS

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.

28 05 2018

CHANGES TO INCOME TAX RETURNS FOR COMPANIES

SARS implemented several changes to the annual income tax returns for companies (the ITR14) on 26 February 2018 as part of SARS’ ongoing efforts to promote efficiency and compliance.

28 05 2018

CHANGING BANKING DETAILS WITH SARS

South African Revenue Service (“SARS”), in an attempt to reduce the risk of paying out refunds to incorrect taxpayers, often requests taxpayers to confirm new or existing banking details. Only once these details have been verified or updated does SARS release the refund due to that taxpayer. Taxpayers have various options available on how to proceed with this verification process:

28 05 2018

VALID TAX INVOICE REQUIREMENTS FOR VAT VENDORS

Over the past few years we have notice a substantial increase in the audits of VAT returns by the South African Revenue Service (SARS), focusing on the validity of tax invoices for purposes of VAT It is therefore imperative for a VAT vendor to ensure all invoice comply with the relevant legislation before submitting VAT.

25 05 2018

ATTENTION VAT VENDORS: THE VAT RATE INCREASE AFFECTS YOUR APRIL VAT RETURNS

As you are aware the increase in the VAT rate from 14% to 15% affects your April VAT returns. Please note that for March/April VAT 201 returns, for Output tax, the following applies:

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