10/22/2021
How Investec was a player in the world’s largest tax fraud (Part 2)
Investec issued these in its capacity as the pension funds' custodian bank.
Tax
10/20/2021
SCA decision in CSARS v Spur Group
Opco claimed a deduction in terms of section 11(a) of the Act in respect of its contribution to the share incentive trust, which it spread over the vesting period in respect of the Newco shares held by its employees in terms of section 23H of the Act.
10/19/2021
Kenya: Boost for Revenue Authority as New System Aims to Net Tax Cheats
The company developed a prototype of the machine, which has passed several tests set by KRA after being submitted to the authority for tests on its efficacy, and now awaits licensing if it passes final test phases.
10/13/2021
ENSafrica tax in brief
Below, please find issue 73 of ENSafrica’s tax in brief, a snapshot of the latest tax developments in South Africa.
10/11/2021
Kenyatta Remains Stoic in Face of Tax Haven Exposé
The scion of Kenya's first president Jomo Kenyatta made an unsuccessful bid for the presidency as then ruling party Kanu's candidate in the 2002 election.
10/05/2021
Taxman nets Sh1.9bn from its amnesty programme
Voluntary Tax Disclosure Programme cumulative revenue collected is Sh1.995 billion by September 30,” said Mr Mburu in a public notice yesterday.
09/29/2021
ENSafrica tax in brief
The primary issue in the appeal was whether SARS (as it contended and the Tax Court held) was precluded from granting approval for use of the transaction count ratio by vendor in respect of the period 1 March 2014 to 29 February 2016.
09/27/2021
Economic Development Board of Mauritius provides clarity over taxation of foreign investments
In the article, it is stated that among other things, the Mauritius Revenue Authority (MRA) is targeting foreign trusts no longer exempt from income taxes.
09/24/2021
SARS may apply broad interpretation of “electronic services” for VAT purposes
As a result, the presence of human intervention cannot be relied upon to exclude services from the ambit of the legislation.
09/20/2021
Bad news for South Africans with cash stashed in Mauritius
In response, the Mauritian government has assured that they will immediately remove themselves from the list by addressing the deficiencies in its AML-CFT Framework.
09/16/2021
Tax evasion vs tax avoidance in South Africa – and why SARS wants you to pay your fair share
“SARS will make it hard and costly for any taxpayer who willfully and intentionally seeks to break the law as we expect every taxpayer to meet their obligations and pay their fair share of tax,”
09/15/2021
Keep the Taxman in mind when liquidating
There are several tax considerations which need to be kept in mind by taxpayers where the business is in financial distress and is no longer able to operate, or once liquidation proceedings have commenced and compromises are entered into with creditors.
09/15/2021
VAT refunds: Is an imbalance in law allowing SARS too much power?
It is welcoming to note that various stakeholders are currently engaging with National Treasury and SARS in this regard.
09/15/2021
South Africa’s wealthy taxpayers are leaving in their thousands: CEO
This equates to 2,500 PPS clients in the last year alone – while an estimated 9,000 taxpayers in the R750,000+ tax bracket have left the country over the last two years.
09/10/2021
‘Large and unpopular’ tax hikes the only way to fund South Africa’s basic income grant
“Narrowing the scope of the current grant to only those seeking active employment, not making it eligible for existing grant recipients, could be one such compromise.”
09/03/2021
Banking Sector Accounts For 27pc Of Corporate Taxes
Olaka said the contribution was achieved despite the 21.2 percent reduction in corporation taxes paid by the sector in 2020 relative to 2019.
08/19/2021
Middle East & North Africa: Handling transfer pricing disputes in MENA - The shape of water
Against this backdrop, the Middle Eastern economies are battling lower oil prices and budget deficits, which in turn increase the pressure for fiscal receipts.
08/13/2021
4 taxes that could fund South Africa’s NHI – including 20% VAT
Solidarity further warned that borrowing money to fund this deficit should not be considered because the country already owes billions of rands and cannot afford more debt.
08/09/2021
How Offshore Accounts in Tax Havens Are Used For Tax Evasion Through Illicit Deals
Opening accounts in these banks is as easy as breathing in and out
08/04/2021
ENSafrica tax in brief
A company must submit its ITR14 tax return within 12 months of its financial year-end.