Tax

6 January – Monthly Pay-As-You-Earn (PAYE) submissions and payments 30 January – Excise Duty payments 31 January – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted…

 “Think of giving not as a duty but as a privilege.” (John D. Rockefeller Jr.) Christmas is a time for giving, and in our local business environment, as well as in many other markets around the world, it may even be unofficially expected of companies to give generously to their…

“A senior SARS official may authorise the issue of a notice to a person who holds or owes or will hold or owe any money, including a pension, salary, wage or other remuneration, for or to a taxpayer, requiring the person to pay the money to SARS in satisfaction of…

“A diligent buyer will want up to five years’ worth of profit and loss statements, bank statements, tax returns, leases, supplier and vendor contracts, and customer data.” (Barbara Findlay Schenck – Author “Selling Your Business for Dummies”) The reasons why a business owner might decide to sell their business are…

“[Taxpayers] should give at least the same priority to tax obligations as their other responsibilities.” (SARS’ Short Guide to the Tax Administration Act) SARS has wide powers when it comes to the collection of tax debts and just one of these is the power to collect money owed by taxpayers…

“South Africa is aligned with the practice in many other countries of granting tax relief for medical expenditure.” (SARS) In South Africa, tax relief for medical expenses is provided through a medical tax credit system. This means the tax relief is provided as a tax rebate – a reduction in…

“This is a call for all South Africans to be part of the solution; to contribute in whatever way they can to ending energy scarcity in South Africa.” (President Cyril Ramaphosa) For more than a decade, local businesses have faced the huge challenge of an unreliable power supply from a…

“A trust is a ‘person’ for tax purposes and is therefore a taxpayer in its own right.” (SARS) SARS recently sent out a reminder confirming that in terms of the Income Tax Act, 1962 (ITA), all trusts are taxpayers and that the trustees, who are also the representative taxpayers of…

“Tax debtors are expected to take responsibility for their tax obligations and to organise their affairs in such a way as to be able to discharge those responsibilities when required. They should give at least the same priority to tax obligations as their other responsibilities.” (SARS’ Short Guide to the…