SARS intends to go after ‘unexplained wealth’, and has proposed that all provisional taxpayers with assets above R50 million be required to declare specific assets and liabilities at market values in their 20203 returns.
To begin with, the DTT with China, in its article 7, adopts the functionally separate entity approach.
Higher tax revenues mean a country is able to spend more on improving infrastructure, health, and education – keys to the long-term prospects for a country’s economy and people.
“We already have two VAT rates, so it is theoretically possible to have two-five different rates depending on the types of goods or services purchased,”
Income from salaries, wages and other remuneration as well as pension, overtime and annuities accounted for 91.6% of total taxable income.