A transaction is not necessarily a disguised one because it is devised for the purpose of avoiding liability for tax. If the parties honestly intend the contract to have the effect stated in the contract then the only question is whether there is liability for the tax or not.
The court will ascertain the intention
In July 2017, the first draft of the Taxation Laws Amendment Bill (TLAB) was released by National Treasury for public comment. It will give effect to the majority of the proposed tax legislation changes which were announced by the Minister of Finance in his annual budget speech in February.
The TLAB contains a number of
With Bitcoin’s popularity and value growing significantly, many wonder how cryptocurrencies will be treated by the South African Revenue Service (SARS) and other regulators.
Bitcoin is one of hundreds of different cryptocurrencies in existence. Cryptocurrencies are unregulated, decentralised digital currencies which can be bought, sold and traded for fiat money or goods and services.
Before purchasing a sugar sweetened beverage (SSB), spare one thought for the health consequences and another for your wallet. Late 2017 is likely to see the introduction of a new tax in South Africa in the form of a health promotion levy (or sugar tax).
Empirical evidence suggests that the quality of human health has
The Special Voluntary Disclosure Programme (SVDP) running until 31 August offers South African residents the opportunity to regularise their tax defaults and exchange control defaults.
There have been a number of similar opportunities to regularise tax and exchange control affairs in the past. We have seen two previous special amnesty opportunities in 2003 and 2010
The question arises how businesses should prepare for the introduction of carbon tax on 1 January 2016, when the legislation has not been released. There are clues in the carbon tax policy paper released in 2013 by National Treasury about what we can expect to see in terms of the pricing of carbon and how
The South African national budget speech was delivered on 25 February 2015 by the Minister of Finance, Minister Nene. Have a look at our tax team’s review of the South African National Budget 2015.
In February 2014 SARS announced that the implementation date of the FATCA Agreement with the USA was 28 October 2014.
What does this mean?
FATCA is the international agreement imposed by the USA on all signatories (which in effect means any country wishing to remain on cordial financial terms with the USA) under which financial
National Treasury has published draft Regulations which allow tax free savings products and investments from 1 March 2015.
Licensed banks, long-term insurers, managers of registered collective investment schemes, authorised users (stock-brokers), linked investment service providers (LISPs) and the National Government will be able to offer tax free savings and investments to the public and will
Anticipating the widespread effect of the new withholding tax on interest, extensions to its application have been promulgated. The latest Taxation Laws Amendment Bill proposes a further extension of the implementation date to 1 March 2015.
Payments of interest to or for the benefit of a foreign person by a South African borrower will be