Tax Breaks Newsletter - Volume 2015, Issue 357, 2015
Volume 2015, Issue 357, 2015
Author Amanda VisserSource: Tax Breaks Newsletter 2015, pp 1 –2 (2015)More Less
Author Inge LamprechtSource: Tax Breaks Newsletter 2015, pp 2 –3 (2015)More Less
Non-executive directors who received fees and other consideration exceeding R1 million in a 12-month period and failed to register for Value-added Tax (VAT) could face a VAT liability, penalties, and interest running into hundreds of thousands of rands, according to an industry expert.
Source: Tax Breaks Newsletter 2015, pp 3 –4 (2015)More Less
Author Steven JonesSource: Tax Breaks Newsletter 2015 (2015)More Less
Talk about a classic tug-of-war scenario. On the one side, you have SARS, backed up handsomely by other government institutions like National Treasury and the South African Reserve Bank. On the other side, you have the tax attorneys, backed up by the various courts of our land (sometimes!)
Author Nicolette SmitSource: Tax Breaks Newsletter 2015, pp 5 –6 (2015)More Less
SECTION 99 of the Tax Administration Act 28 of 2011 (TAA) regulates prescription in relation to tax assessments, and provides for a three-year prescription period in respect of income tax assessments and a five-year prescription period in the case of self-assessment taxes (e.g. Value-added Tax and employees' tax).
Source: Tax Breaks Newsletter 2015 (2015)More Less
Author Seelan MoonsamySource: Tax Breaks Newsletter 2015, pp 6 –7 (2015)More Less
The question of whether VAT must be levied on costs that are on-charged often arises, particularly when no VAT was incurred on the cost in the first instance. The issue is most prevalent in the services industry where a consultant, for example, seeks to recover from his client certain costs that the consultant has incurred in rendering services to the client.