SARS’ SERVICE CHARTER
On 1 July 2018, the South African Revenue Service (‘SARS’) released a new version of its Service Charter. The release of the Service Charter has been widely welcomed and the timing thereof is optimal, since it coincides with the start of the 2018 tax filing season for individual taxpayers, as well as some senior personnel […]
INCOME TAX RECOUPMENTS
In the ordinary course of business, assets used by taxpayers to conduct their trade are often written down over a number of years in the form of accounting depreciation. The Income Tax Act[1] provides similarly for assets to be written down for tax purposes over a period of time, and which wear and tear related […]
TRANSFER DUTY
Transfer duty is a tax levied upon the purchaser of immovable property situated in South Africa.[1] The duty is levied in accordance with the following sliding scale and is based on the value of the property which is the subject of the transfer: Value of the property (R) Rate 0 – 900 […]
SECURITIES TRANSFER TAX
Levied at 0.25% of the value of shares transferred,[1] the securities transfer tax (“STT”) is a tax often neglected and forgotten. Introduced in 2008, the tax is levied on the transfer of shares held in South African companies or the transfer of membership interests held South African close corporations. The issuing of a share is […]
THE “IN DUPLUM” RULE AND TAX LEGISLATION
The “in duplum” rule originated from the South African common law and has been applied through South African case law for over 100 years. This common law rule specifies that interest on a debt will cease to run (or accrue) when the total amount of arrear interest equals the amount of the principal debt outstanding. […]
THE 2017 TAX SEASON IS OPEN
The Commissioner for SARS recently published the annual notice to officially ‘open’ the 2017 tax season. Individuals are now able to file their annual income tax returns for the 2017 year of assessment (which ended on 28 February 2017) from 1 July, and we request that our clients contact us so that we can arrange […]