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Tax Alert: PAYE Pitfalls

Common pitfalls that employers and directors find themselves in when dealing with PAYE Did you […]

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Changes to ITR14 on eFiling

The South African Revenue Service (SARS) has amended the corporate income tax returns (ITR14) to […]

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Too Few Tax Payers: What are the implications?

  South Africa’s personal income tax payers are a minority of around 5 million, with […]

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SARS to make it easier for foreign companies to do business in South Africa

In the past, administrative rules have made it challenging for non-residents to meet their tax liabilities in South Africa. In a recently issued Government Gazette, changes to these rules were noted. These amendments are set to make it easier for foreign companies to do business in our country.

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Draft Amendments to The Tax Administration Act

The Tax Administration Act, which came into effect on 1 October of last year, introduced a new penalty regime for taxpayers in relation to the ‘understatement’ of taxes. The understatement penalty regime requires the South African Revenue Service (“SARS”) to levy penalties of between 5% and 200% on the amount by which taxpayers understate the amount of tax payable in respect of a particular return or by which a taxpayer overstates tax losses carried forward.

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More cash available to lower income earners

Individual taxpayers will benefit from income tax relief announced in the Budget to the tune of some R9.5 billion. This mainly takes the form of increases in rebates and inflation adjustments to tax brackets. These changes have, however, been structured to benefit lower income earners the most …

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Foreign resident trading in South Africa: Should you use a company or a branch of a foreign company as your investment vehicle?

The 2012 Budget proposes a decrease in the branch income tax rates from 33% to 28%, which is in line with the company income tax rate. So you may say that there is, therefore, no difference in whether you have a company or a branch in South Africa from a tax perspective …

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Will the Income Tax Act be amended for the benefit of sport and recreational clubs?

On the eve of Budget 2012, the income tax exempt sector has reason to eagerly await the announcements which will impact them. In particular, sport and recreational clubs should be considering whether the Income Tax Act (the Act) might be amended to ensure a more just and equitable income tax exemption regime applicable to them …

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