This tax case is an appeal relating to an application for approval by a trust (“XY Mining”), for retrospective exemption from income tax. The case deals with the interpretation of section 30(3B) of the Income Tax Act, read with the definition of “public benefit organisation” contained in section 30(1).
The latest Tax Practitioner Connect Newsletter (issue 26) has been published and deals with a few topics including an appeal by the SARS Commissioner to non-compliant practitioners to become compliant, the establishment of a task team to combat fraudulent alterations of taxpayer eFiling profiles, a discussion regarding the tax principles applicable to crypto assets and more.
The guide, How to Complete the Registration Amendments and Verification Form RAV01, has been updated with the latest information on the inclusion of Notice of Registration for Companies and Trusts. The updated guide follow from an enhancement to the Notice of Registration functionality on eFiling which has been extended to include Corporate Income Tax, PAYE and Trusts.
SARS has released Value-Added Tax (VAT) related Binding General Ruling (BGR) 57 which addresses whether the term “consideration” includes an amount of transfer duty for the purposes of calculating a notional input tax deduction on the acquisition of second-hand fixed property.
SARS has updated its Estate Duty webpage to clarify the valuation process of shares held by the deceased in unlisted/private companies/close corporations at the time of death.
SARS has released a draft guide to the voluntary disclosure programme (VDP). The guide is open to public comment, to be emailed to policycomments@sars.gov.za before 10 December 2021.
The case involving Mr Gary van der Merwe, against whom SARS brought a vexatious litigation application, has been published.
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