A new draft Revenue Laws Amendment Bill has been released by National Treasury and will be tabled before Parliament in October 2007. The Bill contains many important amendments that were proposed in the 2007 Budget.
SARS has gone out of its way to educate the public on how to fill in the new individual tax returns, and has now even enlisted the help of TV presenter William Smith, whose education programmes on television have managed to make maths and science interesting to, and even enjoyable for, school children.
In a landmark judgment, the Supreme Court of Appeal held last month that notional overdraft interest on certain interest-free borrowings was a taxable benefit for the borrower, reports PricewaterhouseCoopers.
Structures where shares are owned in a trust, and where the parties wish to enter into a buy-and-sell agreement funded by life policies, have for a long time been known to be problematic for estate duty purposes in respect of the policies.
The SA Institute of Chartered Accountants advises that its submissions regarding the Draft Pensions Amendments and Explanatory Memorandum resulted in amendments made in the Taxation Laws Amendment Bill, 2007.
Many members of the SA Institute of Chartered Accountants have experienced problems with penalties and interest charged on provisional tax submissions, and the Institute's journal, Accountancy SA, therefore asked SARS to provide guidelines.