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Updated Medical Disability Form (ITR-DD) Issued by SARS
2020 - 2020-08-07

Updated Medical Disability Form (ITR-DD) Issued by SARS

Section 6B of the Income Tax Act 58 of 1962 provides for a rebate known as Additional Medical Expenses Tax Credit (“AMTC”) for qualifying medical expenses that were not covered under the taxpayer’s medical scheme or by an insurer under a medical gap cover insurance plan during the relevant year of assessment.

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Tax overview of the Supplementary Budget Speech – 24 June
2020 - 2020-06-25

Tax overview of the Supplementary Budget Speech – 24 June

The Minister of Finance, Tito Mboweni, delivered the supplementary budget speech today as a result of the significant effects that the current COVID-19 pandemic has had on our economy. Whilst there were no tax increases announced, it is very clear that if no action is taken to increase revenue and cut expenditure, the effect on the economy will be devastating.

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PKF International appoints Theo Vermaak as interim Chief Executive Officer
2020 - 2020-04-29

PKF International appoints Theo Vermaak as interim Chief Executive Officer

PKF International announces the appointment of Theo Vermaak as interim Chief Executive Officer of PKF International with effect from May 1, 2020.

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Tax Measures to Combat the COVID-19 Pandemic
2020 - 2020-04-02

Tax Measures to Combat the COVID-19 Pandemic

In light of the National State of Disaster and due to the potentially lasting negative impact on the economy, as a result of the national lockdown, government has introduced the following tax interventions to assist with job retention and to assist businesses in financial distress

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2020 - 2020-03-02

2020 National Budget Speech Highlights

Our Finance minister, Tito Mboweni delivered a largely optimistic 2020 Budget Speech yesterday. The minister’s speech contained no radical tax changes. Tax rates for the coming year are set to remain largely the same (barring inflationary related adjustments).

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2020 - 2020-03-02

South African Corporate Income TAX: Reforms on The Horizon

In contrast to many of South Africa’s trading and investment partners, the South African corporate income tax rate of 28% has remained unchanged for more than a decade. In particular, the corporate income tax rate of the United States, the United Kingdom and India have recently been reduced to 21%, 19% and 22%, respectively.

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2019 - 2019-10-03

Venture Capital Companies: Re-Introduction Of Deduction Limitation

The venture capital company (“VCC”) regime was introduced into the Income Tax Act No. 58 of 1962 more than a decade ago. The purpose of this regime is to raise equity funding in support of small businesses which would otherwise not have access to market funding.

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2019 - 2019-10-03

Proposed Expansion Of The Vat Corporate Reorganisation Rules

The corporate reorganisation rules of the Income Tax Act No. 58 of 1962 (“the ITA”) provide for a “rollover” mechanism when, for example, assets are transferred from one group company to another. Provided the various requirements of the applicable provisions are adhered to, no capital gains tax, transfer duty or securities transfer tax (to the extent applicable) is triggered at the time of such transactions – rather the transferee is regarded as “stepping into the shoes” of the transferor in relation to the assets transferred.

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2019 - 2019-10-03

Base Cost Of Improved Assets

Capital gains tax may be triggered upon the disposal of an asset by a taxpayer in circumstances where the proceeds or deemed proceeds arising from such disposal exceeds the base cost of the asset in the hands of the taxpayer.

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2019 - 2019-08-27

The Carbon Tax Act

The Carbon Tax Act came into force on 1 June 2019. The first tax returns and payments for effected tax payers will be due July 2020. This return would cover the period 1 June 2019 to 31 December 2019; subsequent periods will run from 1 January to 31 December. Form DA180 would need to be submitted in respect of each licensed emission generation facility.

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