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The welcome review of two very important SARS procedures: VDPs and ATRs
2021 - 2021-04-28

The welcome review of two very important SARS procedures: VDPs and ATRs

A focal point of the 2021 Budget Review relates to the proposed strengthening of SARS. Numerous recommendations made by the Nugent Commission to address governance failures at SARS have, to date, been implemented, including the re-establishment of the Large Business Centre, as well as units within SARS focussing on litigation, compliance and integrity.

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The compromise of tax debt: fact or fable?
2021 - 2021-04-28

The compromise of tax debt: fact or fable?

In current economic times, some taxpayers may prefer to follow the “head-in-sand” approach when it comes to outstanding tax debts it has no means of paying. Unfortunately, this approach will not make the tax debt go away, but rather give rise to interest being levied in respect thereof. 

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SARS Auto-assessments
2021 - 2021-04-06

SARS Auto-assessments

SARS recently came up with the new initiative of creating auto-assessments for taxpayers. SARS makes use of data they receive from employers, financial institutions, medical schemes, retirement annuity fund administrators and other 3rd party data providers to create the auto-assessment.

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2021 - 2021-04-06

SARS spotlight focused on Transfer Pricing

With the Minister having recently announced the R3 billion spending allocation towards the enhancement of SARS enforcement with a particular focus on transfer pricing, it is highly probable that we will be seeing more queries and audits in this area.

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2021 - 2021-04-06

Donations Tax Deadline: 31 March

A registered South African trust can be used as a risk management tool. As such it iscommon for a trust to enter into a transaction whereby assets are acquired from a connected person to the trust.

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2021 - 2021-04-06

Rebuilding SARS

It was announced in the 2021/2022 Budget that an additional spending allocation of R3 billion will
be provided to SARS to:

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2021 - 2021-04-06

Proposed reduction in Corportate Income tax rate - The bigger picture

Minister Mboweni announced in the Budget Speech of 24 February 2021 that the corporate tax rate will be reduced from 28% to 27% for years of assessment starting on or after 1 April 2022. In some instances, this proposal was met with criticism on the basis that having regard to the current state of the economy, any reduction of tax rates should rather be focussed on the country as a whole and particularly the poor and needy – for example, a reduction of the VAT rate.

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2021 - 2021-04-06

Budget Overview

Our Finance minister, Tito Mboweni delivered the 2021 Budget Speech on Wednesday, 24 February 2021.

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2021 - 2021-04-06

SARB lifts the ban on “loop structures” for individuals and coporates

The Minister of Finance announced in his Budget Speech on 26 February 2020 that the South African Reserve Bank (SARB) would relax some of its current restrictions in order to simplify cross border trade and financial flows.

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