In March 2024, the Supreme Court of Appeal held that SARS lawfully seized a director’s property during a search and seizure operation conducted at the premises of the company.
SARS had obtained a warrant from the high court in terms of the Tax Administration Act authorising it to enter and search the company’s premises and
Tax exempt status may be awarded to a non-profit organisation (NPO) that solely or primarily undertakes public benefit activities with a philanthropic or altruistic intent.
An NPO that has been granted tax exempt status (commonly referred to as a public benefit organisation or PBO) is generally exempt from income tax. Certain approved PBOs may also
This blog was co-authored by: Kristin January, Candidate Attorney
On Wednesday 23 February 2022, the Minister of Finance presented his inaugural Budget Speech. The National Treasury confirmed its commitment to transformation of exchange control regulations with several new proposals:
South Africa’s Finance Minister Tito Mboweni delivered a supplementary budget on Wednesday 24 June 2020, highlighting that business confidence will remain near historic lows, with investment and employment remaining constrained.
This emergency budget comes only four months after the National Budget which has been left defunct in the wake of COVID-19 and a three-month lockdown
Donations to non-profit entities may carry a tax benefit for the donor – the hallowed section 18A certificate. This allows the donor to claim a tax refund and encourages donations. Non-profit entities that are Public Benefit Organisations (PBO) can issue these certificates. PBO status is granted by the South African Revenue Service (SARS) under the
The Minister of Finance announced tax relief measures in an attempt to assist small to medium businesses in the face of COVID-19. But what tax relief is available to taxpayers who fall outside the ambit of these new measures?
Instalment payments
Taxpayers unable to pay tax debts due to economic instability caused by the pandemic
Exceptional tax measures have been announced as part of the fiscal package that was presented by the President in his speech on the Escalation of Measures to Combat COVID-19.
The tax measures result from the realisation that there is a critical need for government interventions to assist with job retention and assist businesses experiencing significant
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01 I Methods of incorporation A business presence can be established in South Africa, one can either incorporate a South African entity or incorporate a foreign offshore entity, as a so called ‘branch’ or ‘external company’. 02 I Applicable legislation Both forms of business enterprise are regulated by the Companies Act 2008. However, in the |
The Income Tax Act 1962 requires opening and closing trading stock to be taken into account in determining taxable income derived from carrying on any trade in any assessment year. Section 22(1)(a) of the Act deals with the valuation of the stock, and provides that in respect of a taxpayer’s trading stock that is held
The 2019 Medium-Term Budget Policy Statement (MTBPS) was recently delivered by Finance Minister Tito Mboweni and recognises that South Africa’s economic growth has been slowing alongside productivity and competitiveness.
South Africa’s debt-to-GDP ratio is among the highest of its peer countries, with only Argentina, Croatia, Ukraine and Zambia worse off. It is projected that the