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2018 - 14 10 2018

FIXED PENALTIES IMPOSED ON NON-COMPLIANCE WITH TRANSFER PRICING DOCUMENTATION

On 11 May 2018, the South African Revenue Service (“SARS”) published, by Government Gazette; “Incidences of non-compliance by a person in terms of Section 210(2) of the Tax Administration Act, 2011 (Act no. 28 of 2011) that are subject to a fixed amount penalty in accordance with Sections 210(1) and 211 of the Act.”

2018 - 14 10 2018

VENTURE CAPITAL COMPANIES (VCCs) - TAX INCENTIVE

Treasury is incentivising South African taxpayers to invest in the local economy, via a tax deduction on the investment amount, provided the investment is structured through an approved section 12J Venture Capital Company (“VCC”).

2018 - 30 08 2018

APPEAL

When SARS issued an assessment with which the taxpayer is not in agreement with, certain procedures must be followed to ensure that the assessment is correctly dealt with. We will elaborate on the different options and timeframes which a taxpayer must adhere to.

2018 - 30 08 2018

OBJECTION

When SARS issued an assessment with which the taxpayer is not in agreement with, certain procedures must be followed to ensure that the assessment is correctly dealt with. We will elaborate on the different options and timeframes which a taxpayer must adhere to.

2018 - 30 08 2018

REQUEST FOR REASONS

When SARS issued an assessment with which the taxpayer is not in agreement with, certain procedures must be followed to ensure that the assessment is correctly dealt with. We will elaborate on the different options and timeframes which a taxpayer must adhere to.

2018 - 25 07 2018

CLAIMING VAT INPUT CREDITS IN RESPECT OF SECOND-HAND GOODS ACQUIRED

In certain circumstances a VAT vendor may deduct a notional input tax credit in respect of “second-hand goods” acquired from non-vendors where no VAT is actually payable to the supplier.

2018 - 25 07 2018

CAN THE COURTS MAKE USE OF SARS INTERPRETATION NOTES IN INTERPRETING LEGISLATION?

In the recent case of Marshall N.O. and Others v Commissioner for the South African Revenue Service CCT208/17 [2018] ZACC 11 (25 April 2018), the Constitutional Court was required to consider the late filing of an application for leave to appeal against a judgement of the Supreme Court of Appeal (“SCA”). In making its determination, the Constitutional Court inter alia, considered the contention by the applicant that the Supreme Court of Appeal should not have relied on a SARS issued Interpretation Note in reaching its decision.

2018 - 25 07 2018

UNDERSTANDING THE HISTORY AND RATIONALE FOR EXCHANGE CONTROL

South African residents are subject to exchange controls with the effect that they may, inter alia, not freely transfer South African assets offshore. Exchange control rules are not embodied in a single body of law or statute and it is therefore often difficult for a person to understand why they should be subject thereto.

2018 - 13 07 2018

PKF OCTAGON’S CLIFFORD LIVINGSTONE

PKF OCTAGON is one of South Africa’s leading Chartered Accountants and Business Advisory Service providers delivering innovative financial solutions and needed support to their clients’ current and future business issues.

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Copyright 2018 PKF South Africa Inc. | PKF South Africa Inc. is a family of legally independent firms in South Africa and is a member firm of the
PKF International Limited family of legally independent firms. PKF South Africa Inc. itself does not provide services to clients
and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms.