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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...

Valuation of trading stock for tax purposes

Valuation of trading stock for tax purposes

A number of cases dealing with the valuation of trading stock have been considered by the courts in recent years. In C:SARS v Volkswagen SA (Pty) Ltd (‘VWSA case’) the SCA held that net realisable value (NRV), as determined for accounting purposes, does not reflect...

Proposed tax amendments for 2019

Proposed tax amendments for 2019

The draft Taxation Laws Amendment Bill for 2019 (draft TLAB) was published by the National Treasury on 21 July 2019. The draft bill contains proposals for amendments to be made as part of the 2019 legislative cycle. This article briefly reviews a selection of the...

Tax complexities of lease arrangements

Tax complexities of lease arrangements

The tax implications of lease arrangements may be inherently complex in nature. This includes the tax treatment of lease premiums and leasehold improvements. The tax court recently considered a case dealing with lease premiums in case no 14189. This article provides...

VAT: Separation of supplies into parts

VAT: Separation of supplies into parts

Where a supply consists of parts that would be subject to different VAT rates if consideration had been charged separately for each part, the VAT Act requires that such parts be treated as separate supplies (section 8(15) of the VAT Act). This article briefly reviews...

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