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Corporate tax proposals for 2022

Corporate tax proposals for 2022

What awaits corporate taxpayers in the 2023?  The National Treasury published the draft proposals for tax amendments for the 2022 legislative cycle on 29 July 2022. These give taxpayers an indication of the changes to expect at the end of 2022 (click here for the...

C:SARS v Capitec: A case of VAT equilibrium?

C:SARS v Capitec: A case of VAT equilibrium?

In Commissioner for the South African Revenue Service v Capitec Bank Limited (94/2021) [2022] ZASCA 97 (21 June 2022) the Supreme Court of Appeal ruled that Capitec Bank Limited (‘Capitec’) could not deduct input tax in respect of loan cover payouts to borrowers. This...

Management fees: Is there a tax risk?

Management fees: Is there a tax risk?

Managers who advise and manage the affairs of others, for example, their investments or businesses, often charge management fees for those services. This is not unusual or out of the ordinary. In a tax context, certain arrangements that are labelled as management...

Tax proposals in the 2022 Budget Review

Tax proposals in the 2022 Budget Review

The National Treasury published the 2022 Budget Review on Wednesday 23 February 2022. Amongst others this document sets out the tax proposals for the year ahead. This article briefly highlights some of these proposals and announcements that affect corporate taxpayers....

When is SARS out of time to raise an assessment?

When is SARS out of time to raise an assessment?

Tax assessments must reach finality. For taxpayers this happens when SARS can no longer issue additional assessments for the specific tax period. Section 99 of the Tax Administration Act limits the periods for issuance of assessments by SARS. This article considers...

Tax on cryptocurrency transactions

Tax on cryptocurrency transactions

  Cryptocurrencies present lucrative trading as their short-term values fluctuate wildly. They may however also prove to be good longer term investments if the value ultimately grows substantially when held over a longer period of time. Over the past few months,...

Budget 2021: Tax proposals

Budget 2021: Tax proposals

 The National Treasury published the Budget Review 2021 on 24 February 2021. This document contains the announcements of tax rates and scales, but also proposals for various tax amendments of a more technical nature that the National Treasury intends to make as part...

The 2020 tax amendments

The 2020 tax amendments

The National Treasury recently published a number of bills that contain the amendments to the tax laws for the 2020 legislative cycle. This article reviews a selection of amendments that are likely to be of broad relevance to taxpayers and advisors. It is not intended...

Tax deductions for future expenses

Tax deductions for future expenses

Taxpayers are generally only entitled to deduct expenses in determining their taxable income when they actually incur the expenditure. Section 24C of the Income Tax Act provides an exception to this rule.  This article provides a brief overview of the provision and...

Tax treatment of bad and doubtful debts

Tax treatment of bad and doubtful debts

In the current business conditions lenders increasingly face the prospect of not being able to fully recover debts. These debts may include trade debts, for example, trade receivables, but also longer-term debts. This article provides an overview of the relevant tax...

Tax consequences of debt relief

Tax consequences of debt relief

Debt restructuring arrangements are likely to become more prevalent in the tough economic conditions that South Africa currently encounter. One of the key considerations when entering into such an arrangement is to understand the tax consequences.  This article...

Tax proposals in the 2020 Budget Review

Tax proposals in the 2020 Budget Review

The National Treasury published its annual Budget Review on 26 February 2020 (‘the Budget Review’). The above-inflation proposed adjustments to the progressive tax brackets, rather than anticipated increases in tax rates, surprised many commentators. Chapter 4 and...

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