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Customs and International Trade and the rules surrounding it are in a constant state of flux. In recent years, for customs valuation the focus has been on the BEPS initiatives with transfer pricing (“TP”) taking the centre stage.
The Draft Taxation Amendment Bills of 2020 contain proposals whereby non-compliance with the requirements of various tax Acts without wilful intent will become criminal offences, with the result that, among other negative consequences, the offender may obtain a criminal record.
Taxpayers are often faced with the daunting task of objecting to assessments raised by SARS. This exercise is further exacerbated by SARS’ delaying in dealing with the objection lodged within the time frames provided for by the rules promulgated in terms of the Tax Administration Act.
The National Treasury published the 2020 draft Taxation Laws Amendment Bill (TLAB), which covers specific provisions that require additional consultation and feedback from various stakeholders.
In February 2020, the OECD published its much anticipated Transfer Pricing Guidance on Financial Transactions, which is to be included in the OECD Transfer Pricing Guidelines as Chapter X. Until this point, multi-national enterprise (MNE) groups relied on the draft guidelines issued by the OECD...
In this latest article from our RETHINK: Transfer Pricing series, we explore some particular considerations in respect of managing intellectual property (IP).
First and foremost, enquire whether the person is a registered tax practitioner both with the South African Revenue Service (SARS) and with a recognised controlling body, such as the South African Institute of Tax Professionals (SAIT).
It is important for taxpayers with a February year end to take note of the August 31st provisional tax deadline.In practice we are seeing a decrease in the estimated taxable income figures in respect of the 2021 year of assessment. Practically, this would lead to the taxpayer having a lower than...
The impact of COVID-19 on our economy is at the point that has forced South Africa and the rest of the world to a grinding halt.