tax

Tax return submission requirements raised to R500 000

4 June 2019 By Alan Straton

Taxpayers with an annual income not exceeding R500 000 will no longer be required to submit tax returns. The announcement was made by the South African Revenue Service (SARS) Commissioner Edward Kieswetter during the launch of the 2019 tax season on Tuesday. This year’s tax season will begin on 1 July for submissions on digital platforms while walk-ins will commence on 1 August. The deadline for digital submissions is 4 December while October 31 is the final day for walk-ins. “We have … [Read more...] about Tax return submission requirements raised to R500 000

Coega SEZ granted preferential tax benefits

10 August 2018 By Alan Straton

Following the promulgation of the Special Economic Zone Act in 2014 (SEZ Act of 2014) which then saw proclamation for commencement on the 9th of February 2016, the Minister of Finance, Nhlanhla Nene approved the six SEZs preferential tax treatment status in terms of section 12R of the Income Tax Act (“s12R”). “It gives us great joy that the Minister has approved the preferential tax treatment as it forms part of a suit of incentives we use in attracting investors to the Coega SEZ,” says, Dr … [Read more...] about Coega SEZ granted preferential tax benefits

PE Business in the news: Suspected abalone kingpin tells court he is ‘too uneducated to know about declaring tax’

1 August 2018 By Port Elizabethan

Promote your business on BuyPE and MyPR. Suspected abalone kingpin tells court he is 'too uneducated to know about declaring tax': "Most of these guys who ask for jobs have been busy with this funny business. I tried to give him [Clulow] a job to get him away from these things, he was obviously doing these things in his private t... Source: "Port Elizabeth" business - BingNews. Suspected abalone kingpin 'too uneducated to know about declaring tax': have since testified in the Port … [Read more...] about PE Business in the news: Suspected abalone kingpin tells court he is ‘too uneducated to know about declaring tax’

Who will take responsibility for South Africa’s sugar tariff fiasco?

13 July 2018 By Alan Straton

The FairPlay movement has called for a public enquiry into the fiasco that saw a zero tariff for sugar being set and gazetted in South Africa last year, which allowed importers to bring in and stockpile sugar duty free, and which plunged the South African industry into a crisis. “This is more than an administrative error. It was a brief period, but together with months when tariffs were wrongly kept low, it assisted a huge surge in sugar imports in 2017,” said Francois Baird, founder of the … [Read more...] about Who will take responsibility for South Africa’s sugar tariff fiasco?

Vendors urged to submit outstanding VAT returns

22 June 2018 By Alan Straton

The South African Revenue Service (SARS) on Friday reminded Value Added Tax vendors to submit their outstanding returns to avoid administrative penalties. In its statement, the revenue service said the Tax Administration Act No. 28 of 2011 (TAA), states that it is a criminal offence not to submit a tax return for any of the tax types a taxpayer is registered for. These tax types are: Personal Income Tax (PIT), Corporate Income Tax (CIT), Pay As You Earn (PAYE) and Value-Added Tax … [Read more...] about Vendors urged to submit outstanding VAT returns

Failure to submit tax returns can get you a criminal record

16 April 2018 By Alan Straton

Taxpayers who do not submit their tax returns will end up with a criminal record, the South African Revenue Service (SARS) said on Monday. In its statement, the revenue service said it had embarked on a new initiative with the National Prosecuting Authority (NPA) to prosecute non-compliant taxpayers, including prominent South Africans, who have failed to submit returns. “Taxpayers who are found guilty will end up with a criminal record. The initiative has already seen its first conviction … [Read more...] about Failure to submit tax returns can get you a criminal record

SARS collects R1.216 trillion in tax

3 April 2018 By Alan Straton

The South African Revenue Service (SARS) has managed to collect R1.216 trillion in the 2017/18 financial year. Finance Minister Nhlanhla Nene made the announcement at a briefing on Tuesday morning. “SARS collected a gross amount of R1451.0 billion which was offset by refunds of R234.3 billion, resulting in net collections of R1216.6 billion,” said Minister Nene. The Minister was flanked by his Deputy Minister Mondli Gungubele and Acting SARS Commissioner Mark Kingon at the … [Read more...] about SARS collects R1.216 trillion in tax

Protect Yourself This Tax Season

28 June 2017 By Alan Straton

Tax season for individuals has arrived again. It is time once more to gather your records, crunch the numbers and electronically submit. The SARS eFiling system is top of class internationally and, in simple circumstances, a good case can be made for taxpayers to submit their own returns. Taking this fact into consideration, we at SAIT are excited to announce the launch of our first ever income tax return issue in the July/August 2017 TaxTalk magazine. The purpose of this special issue is to … [Read more...] about Protect Yourself This Tax Season

2017 tax season tips

14 June 2017 By Alan Straton

The 2017 tax season will open for individuals on 1 July, and SARS has released some handy tips and information to make the process pain free for taxpayers. In preparation for tax season, taxpayers can start gathering all the supporting documents that are needed to submit tax returns. These documents include IRP5/IT3(a) certificates from one’s employer or pension fund; IT3(b) certificates for investment returns, medical aid contribution certificates and receipts; bank account details as … [Read more...] about 2017 tax season tips

Three questions to ask your wealth advisor about tax

2 May 2017 By Alan Straton

As wealthy individuals continue analysing new tax changes for 2017, the focus is on understanding the long-term impact of the increase in the dividends tax rate from 15% to 20%, on their family businesses. Eric Enslin, CEO of FNB Private Wealth and RMB Private Bank, says “although wealth planning for business owners should not merely be based on tax considerations, the increased dividend withholding tax has a direct impact on estate planning, investments, as well as the overall growth and … [Read more...] about Three questions to ask your wealth advisor about tax

Over R1 Trillion collected in tax

16 May 2016 By Alan Straton

The small business sector is beginning to take its rightful place as the engine of South Africa’s economy, according to Small Business Development Minister Lindiwe Zulu. This was confirmed by 2016 tax collection success in which SARS broke through the R1 trillion ceiling. The tax authority also reported that more than 18 000 new SMMEs had for the first time submitted tax returns. Minister Zulu on Sunday said growth in future revenue is dependent on government and all stakeholders upscaling … [Read more...] about Over R1 Trillion collected in tax

COSATU ‘deeply incensed and disappointed’ with Zuma

13 January 2016 By News24Wire

The Congress of South African Trade Unions (Cosatu) said it is "deeply incensed and disappointed" to hear that President Jacob Zuma has now officially signed all the tax legislation from 2015 into law. This includes the implementation of the 2015 Tax Laws Amendment Act and the Tax Administration Laws Amendment Act. This means all retirement reforms related to tax harmonisation on retirement contributions and benefits will come into effect on March 1 2016. In Cosatu's view this will have … [Read more...] about COSATU ‘deeply incensed and disappointed’ with Zuma

Extended Festive Season Hours for SARS

12 November 2015 By Alan Straton

The South African Revenue Service (SARS) branch offices will for the next two weeks extend their working hours to include Saturdays in anticipation of an increase in taxpayers, who will file their returns. The revenue service will extend working hours to cover Saturday, 14 November and Saturday, 21 November to assist taxpayers with their returns. The tax season will conclude on 27 November. “Taxpayers are to note that only issues relating to tax return submissions will be dealt with,” said … [Read more...] about Extended Festive Season Hours for SARS

Invest your Tax Refund in your home

16 September 2015 By Alan Straton

During July this year many homeowners would have submitted a tax return and possibly received a lump sum of money back from the South African Revenue Service. Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that getting a tax refund is an ideal opportunity for homeowners to invest in their home and make some changes that could add value to their property. "There are several ways in which homeowners can use their tax refunds to make home improvements, regardless of … [Read more...] about Invest your Tax Refund in your home