06/10/2022
Afrigo, a real estate firm with ties to a Chinese construction giant, disguised more than $200 million using fake loans, fictional imports, phantom entities and more with the help of bankers and other enablers, according to a government audit.
06/09/2022
The bank had argued that the taxman was wrong in seeking to collect taxes on what it termed as premiums for unsecured loans and which do not attract excise duty.
06/03/2022
The proposals, if adopted, will see the tax on a litre of beer rise 23.1 percent to Sh150 from the current Sh121, which will increase the price of a bottle of beer by Sh15.
05/26/2022
South Africa subsequently met the criteria for a FATF International Co-operation Review Group review
05/23/2022
G7 countries cost the world $115 billion in lost tax – African finance ministers call for a UN tax convention
Three G7 countries ranked among the top 10, with the US in 1st, Japan in 6th and Germany in 7th.7
05/19/2022
The Financial Action Task Force has warned South Africa that it needs to improve the prosecution of financial crimes in the country if it wants to avoid the list and join the likes of the Cayman Islands, Panama and Morocco.
05/18/2022
Governor of the Reserve Bank Lesetja Kganyago said Ubank has had significant challenges over the years.
05/16/2022
These different sources of income are added together at the end of the tax year to calculate the correct tax that must be paid.
05/15/2022
Expatriates will need to show proof of their non-tax residency and compliancy status.
04/22/2022
Transfer Pricing (TP) principles have always been firmly in place but have recently been formalised with legislation.
04/18/2022
Additional recommendations that appear to be aimed at ensuring consistency with the HNWI Unit include provisional taxpayers with business interests now being required to submit their assets (at cost) and liabilities in their tax filings each year.
04/13/2022
Having signed the Paris Agreement in 2016, South Africa has undertaken to reach a goal of net-zero carbon dioxide emissions by 2050.
04/13/2022
The relevance of which provision should apply in relation to the timing of the tax event is that, in terms of section 8C the tax event occurs when the “equity instrument” is deemed to vest
04/11/2022
Our current international reputation does not help.
04/06/2022
The IRBA is a statutory body established in terms of the APA.
04/04/2022
The president cautioned that SARS will be ramping up its capacity to target those taxpayers who are not compliant.
03/20/2022
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.
03/09/2022
To begin with, the DTT with China, in its article 7, adopts the functionally separate entity approach.
03/04/2022
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.
02/17/2022
“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,”