Welcome to this special edition of Tax Flash that focusses on issues arising from 2014 Budget. Note that BDO has a web page dedicated to the 2014 Budget. To access this page, click here.Read More
In this first edition of the Tax Flash for 2014 we take a closer look at a pitfall that arise in subordination agreements and the changes to the tax treatment of medical expenses applicable from 1 March 2014. We also summarise a recent Binding Private Ruling (No 159) and include our usual feature “What's new from SARS” detailing all the publications issued by SARS since our last edition.
Our next edition will focus on the Budget Speech to be delivered by Finance Minister Pravin Gordhan on the 26th of February 2014.Read More
In this final edition of Tax Flash for 2013 we take a closer look at the new transfer pricing provision (section 31 of the Income Tax Act) which has introduced much uncertainty into the tax landscape in South Africa since it became effective. We also comment on the current status of the value shifting provisions of the Eighth Schedule and include our usual feature “What's new from SARS” detailing all the publications issued by SARS in November. Read More
On 24 October 2013 the Taxation Laws Amendment Bill 2013 (TLAB), the Tax Administration Laws Amendment Bill 2013 and the Employment Tax Incentive Bill 2013 were introduced in Parliament. Two of our articles below address certain issues from TLAB. We also touch on the new requirements in terms of section 6quin and include our usual feature ‘What's new from SARS' detailing all the publications issued by SARS in October. Read More
In September the Draft Response Documents were presented to the Standing Committee on Finance (SCoF) on the 2013 Draft Taxation Laws Amendment Bill and the Tax Administration Laws Amendment Bill. Cabinet also approved the publication of the Draft Employment Tax Incentive Bill for public comment. Both draft documents are discussed below. We revisit VAT on imported services and include our usual feature 'What's new from SARS' detailing all the publications issued by SARS in September. Read More
In this month's edition we discuss section 7B of the Income Tax Act and a recent Binding Private Ruling dealing with residency. We also discuss an issue that has been encountered when dealing with the new Swazi VAT regime. Our regular feature 'What's new from SARS' details the most important August publications issued by SARS. Read More
The most significant tax event during the month of July was the publication of the 2013 taxation bills, the Draft Taxation Laws Amendment Bill ('TLAB') and the Draft Tax Administration Laws Amendment Bill ('TALAB'). This month's Tax Flash focuses on issues related to these bills. We also include our regular feature 'What's new from SARS'. Read More
This month's Tax Flash emphasises the importance of 'place of effective management' and the importance of Binding Private Ruling 148 for determining 'effectively connected with such permanent establishment, for dividends withholding taxes imposed by a DTA. Read More
Last month's Tax Flash focused on the proposals released by National Treasury to restrict the deductibility of interest. The most significant tax development in May was the news of a revised double tax agreement between South Africa and Mauritius. This is discussed in detail in the article below. This month's Tax Flash also emphasises the need for all tax practitioners to be registered by 1 July 2013 and the importance of Binding Private Ruling 143 for determining an ‘equity share' for purposes of the corporate restructuring rules Read More
On 29 April 2013, the National Treasury and SARS jointly released information on proposals to restrict the deductibility of interest under certain circumstances. These proposals are roughly alighted with those outlined in the 2013 Budget. Read More
Last month's Tax Flash focused on Budget related issues and so this issue is jam-packed with new items. Read More
We wish all our readers a happy and prosperous 2013! It is clear that tax does not take a break over the festive season judging from the tax legislation, binding rulings and regulations promulgated or issued during the latter part of 2012.
Most significant during this period was the promulgation of the Tax Administration Laws Amendment Act (Act No 21 of 2012) on 20 December 2012. Note however that the Taxation Laws Amendment Bill of 2012 is yet to be enacted.Read More
Tax Flash is BDO Spencer Steward's monthly tax update for clients. Read More