South Africa: Details of Pensions and Savings Changes
In two new papers South Africa has given further detail on the tax free savings products and reforms to retirement pensions that were announced in the 2014 budget. In respect of retirement reform the government intends to implement a system of
See MoreSouth Africa: SARS Enhances TCC Application Process
The South African Revenue Service (SARS) has introduced an enhanced Tax Clearance Certificate (TCC) application process available through eFiling and at SARS offices, as part of a series of initiatives to modernize tax compliance due to be rolled
See MoreSouth African Poll Criticizes Employment Tax Incentive
A poll conducted by the South African Institute of Tax Practitioners (SAIT) appears to indicate that the Employment Tax Incentive (ETI) is not succeeding in its aims. Although large businesses are aware of the incentive and have consulted their
See MoreSouth African Budget Sets Up Small Business Tax Reforms
South Africa’s 2014 budget includes some measures resulting from the work of the Tax Review Committee. The Committee's recommendations relate to the compliance burden of small and medium-sized enterprises. In particular, the turnover tax regime,
See MoreSouth Africa – Transfer pricing, cross-border proposals in 2014 budget
South Africa’s 2014 budget contains proposals for changes to the transfer pricing rules and cross-border taxation. Among the transfer pricing and cross-border tax provisions in the 2014 budget are the following measures: Secondary adjustment for
See MoreSouth Africa – Tax proposals in 2014 budget
The South African Finance Minister delivered his 2014 Budget Speech on 26 February 2014. Among the general corporate tax proposals in the budget are measures to: Limit interest deductions for reorganizations and acquisitions; Address the refund
See MoreSouth Africa: SARS Issues Guidance on Double Taxation Relief
The South African Revenue Service (SARS) has issued a draft interpretation note for comment on the rebates and deductions available in the country's tax code for foreign taxes on income. The note points out that residents of South Africa are subject
See MoreSouth Africa: Revenue Service increases Transfer Duty Refund System
The South African Revenue Service’s (SARS’s) will not process manual requests for Transfer Duty refunds after February 17, 2014. This is follows introduction of electronic submission for Transfer Duty declarations and an e-Account for Transfer
See MoreSouth Africa: Tax Guide for South African Shareholders Revised
The South African Revenue Service (SARS) has issued a revised edition of its Tax Guide for Share Owners, which provides general guidance on the tax consequences of holding shares as trading stock compared to holding them as capital assets. The Guide
See MoreSouth Africa-selective tax hikes predicted In South African budget
South African Finance Minister present his 2014/15 Budget to Parliament on February 26, the South African Institute of Tax Professionals (SAIT) has predicted that the Minister will have to introduce selective tax increases to make up for a shortfall
See MoreSouth Africa reminds employers to make ETI claims
South African businesses have been reminded that their first monthly claim for the Employment Tax Incentive (ETI), which came into effect on January 1 2014, should be submitted by February 7, 2014. The ETI is an incentive mainly aimed at encouraging
See MoreSouth Africa: Tax implications of assumption of contingent liabilities
The tax implications in relation to the assumption of contingent liabilities in partial settlement of the purchase price of assets acquired as part of a going concern have been addressed by the South African Revenue Service (SARS). The initial views
See MoreSouth Africa: Tax Administration Laws Amendment Act 39 of 2013 promulgated
The Tax Administration Laws Amendment Act, 2013, has been promulgated as Act 39 of 2013 on 16 January 2014. The Act amends the Transfer Duty Act, 1949; the Income Tax Act, 1962; the Customs and Excise Act, 1964; the Value Added Tax Act, 1991; the
See MoreSouth Africa delays implementation of GST on foreign digital supplies
It has been published on 26 December 2013 that the plans to implement South African GST on digital supplies have been delayed from January 2014 until at least the start of April 2014. In a change to the Taxation Laws Amendment Act, the South African
See MoreSouth Africa – VAT changes for short-term insurance
South Africa’s tax authorities have issued a ruling addressing the value added tax (VAT) treatment of supplies made and received by short-term insurers. The following issues are focused in the Ruling. Clarification on the time of supply in the
See MoreSouth Africa: Technical Tax Proposals for 2014 Budget
South Africa’s National Treasury has invited taxpayers to submit any technical proposals to improve the tax legislation, including the closing of tax loopholes and unintended anomalies in the law. The proposals will be considered for possible
See MoreMalta ratifies Protocol signed with South Africa
Malta finished its domestic ratification of the Protocol signed with South Africa on November 8, 2013 and published the Double Taxation Relief (Taxes on Income) (South Africa) (Amendment) Order, 2013, in its Official
See MoreSouth African Employment Tax Incentive
The Employment Tax Incentive (ETI) has been approved by the South African Parliament. The purpose of incentive is to alter the high levels of youth unemployment by reducing the cost to employers of hiring employees between the ages of 18 and 29. The
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