Tax Breaks Newsletter - latest Issue
Volume 2016, Issue 370, 2016
Author Sasha PlantingSource: Tax Breaks Newsletter 2016, pp 1 –2 (2016)More Less
Author Ryk Van NiekerkSource: Tax Breaks Newsletter 2016, pp 2 –3 (2016)More Less
The trillions, billions, and millions of rands littering the various tables and graphs of the Medium-Term Budget Policy Statement (MTBPS) make it extremely difficult to understand the true health of the South African economy but many of us do understand the monthly struggle to survive on a budget, and to be able to eat during the last few days before payday. So I have chopped off a few zeros (7 to be exact) from the annual budget, and reworked the amounts to reflect monthly amounts.
Author Ilsa GroenewaldSource: Tax Breaks Newsletter 2016, pp 3 –4 (2016)More Less
The window period for the Special Voluntary Disclosure Programme (SVDP) offered by SARS to South African taxpayers for the disclosure of offshore assets has started, and the clock is ticking. SARS and the SA Reserve Bank (SARB) have created this SVDP window period from 1 October 2016 to 30 June 2017 to give non-compliant taxpayers the opportunity to voluntarily disclose their offshore assets and income, and so regularise their tax and exchange control affairs.
Author Steven JonesSource: Tax Breaks Newsletter 2016 (2016)More Less
As I once again clamber onto the proverbial soap box for my monthly rant, I find myself asking: "Where do I begin?" According to Julie Andrews in The Sound of Music, the beginning is "a very good place to start", So let's go with the Medium-Term Budget Policy Statement issued by â?¦ [who was it? Oh wait, it was actually Pravin Gordhan in the end. With the current state of SA politics, I was beginning to wonder if they'd end up asking Hlaudi Motsoaneng to do itâ?¦].
Source: Tax Breaks Newsletter 2016, pp 4 –5 (2016)More Less
On 8 July 2016, National Treasury released a draft Taxation Laws Amendment Bill (TLAB) and specific draft regulations related thereto, all of which aim to give effect to the various tax proposals announced in the 2016 National Budget Speech. One of these proposals relates to the extension of the small business corporations (SBCs) tax regime to personal liability companies (PLCs).
Author Inge LamprechtSource: Tax Breaks Newsletter 2016, pp 6 –7 (2016)More Less
Frustration around tax refunds is growing, with many tax practitioners citing concerns about on-going delays. This is sometimes despite finalisation of the verification or audit processes at SARS, and after taxpayers have re-verified pre-existing details in person, seemingly to combat fraud. Yet even in instances where taxpayers have repeatedly supplied the required documents requested to complete a verification process, refunds can remain stuck in the system. Of particular concern seems to be a 'Special Stopper' notification, which tax practitioners only become aware of after inquiring about the hold-up.
Author Lesley O'ConnellSource: Tax Breaks Newsletter 2016 (2016)More Less
30 September 2016 marked the 25th anniversary of the introduction of VAT in South Africa one of the most important systems of taxation for governments worldwide. VAT is currently the second largest source of revenue for the tax authorities after personal income tax, and VAT rates are increasing steadily in many countries across the world. It is also considered to be one of the biggest public-private partnerships, with taxpayers acting as unpaid tax collectors for the government. VAT was introduced at a rate of 10% in 1991 and then increased to 14% in 1993. It has remained constant over the last two decades, although there is increasing debate as to whether there will be a rate increase in the near future and the consensus view is that there should be an increase of at least 1 percentage point. At 14%, the rate is still significantly lower than the global average. South Africa's VAT rate is one of the lowest in the world.