06/01/2023
The new penalties for single returns outstanding will rake in R243 million for SARS over just four-and-a-half months – a lot more than the R138 million in penalties imposed so far this year for multiple returns outstanding.
05/30/2023
“The correct data is important so that SARS may pre-populate income tax returns and auto-assess the identified taxpayers correctly.”
05/26/2023
These taxes, it suggests, would more than double the suggested selling price.
05/24/2023
VAT is not the only tax paid on certain goods, however.
05/23/2023
These higher collections will be realised through proposed amendments to the Income Tax Act and the Excise Duty Act.
05/23/2023
VAT was introduced in September of 1991 through the VAT Act, with the goal of replacing sales tax.
05/17/2023
The immediate key indicators of the tax policy successes will be the growth of collections
05/16/2023
They primarily relate to defining ‘beneficial ownership’ in line with international standards – which refers to people who benefit from and have ownership rights over assets held in a trust.
05/15/2023
Zenith Bank’s income tax expense amounted to N20.59 billion in Q1 2023, up 110 percent from N9.79 billion in the same period of 2022.
05/12/2023
SARS has now encouraged taxpayers to make submissions ahead of the due date to avoid last-minute challenges and potential delays that may be encountered.
05/12/2023
The tax cuts will come as a major boost to the aviation industry
05/12/2023
Tax experts have deemed the new proposal to be a loophole which is subject to abuse by civil servants
05/09/2023
The amendments to the Tax Tribunal Act and the Tax Procedures Act (TPA) will also grant more power to the KRA commissioner-general to go after tax cheats while taking away its powers to abandon taxes.
05/08/2023
The proposal is also sweetened by providing a specific time of 120 days for the KRA to carry out and finalise an audit for purposes of ascertaining the refund due to a taxpayer. Previously there was no time limit for the KRA audit.
05/05/2023
The Treasury in the newly published Finance Bill also deleted sections of the law that allowed the halving of value-added tax (VAT) on all petroleum products to eight percent.
04/21/2023
VAT collections feel the effect of load shedding first as sales decline, said Makhubu.
04/20/2023
He added that despite its various avenues of obtaining information on people’s economic activities, SARS still has limited capacity, especially when it comes to the informal market.
04/13/2023
The fund noted that Nigeria’s debt was projected to continue to rise.
04/10/2023
According to Tax Consulting SA, there is an advantage to being the first-mover in seeking the appropriate tax advisory.
04/05/2023
The main sources of revenue collection came from personal income tax at 35.7%, value-added tax at 25% and company income tax at 20.6%