This BGR confirms that, for income tax purposes, any annuity purchased or provided by any retirement fund must be compulsory, non-commutable, payable for and based on the lifetime of the retiring member or the value of the member’s retirement interest. It also confirms that the annuity may not be transferred, assigned, reduced, hypothecated or attached by creditors.
This ruling determines the donations tax, securities transfer tax and transfer duty consequences for the co-applicant on the registration of shares held in the name of the co-applicant, the registered holder, in the name of the applicant, the beneficial owner.
Public Notice 1488 has been issued by SARS. It provides that the Minister of Finance intends to introduce the Tax Administration Laws Amendment Bill, 2021, in the National Assembly in the near future. The Notice also provides an explanatory summary of the Bill.
The 2020/2021 issue of the tax guide for small businesses has been issued by SARS. The guide serves as a general guide dealing with the taxation of small businesses such as sole proprietors, partnerships and companies that are not part of large groups. The aim of the guide is to discuss the typical taxation issues of an average business trading in South Africa.
SARS has released Interpretation Note (“IN”) 70 (Issue 2) which clarifies the value-added tax (VAT) treatment of supplies made for no consideration.
SARS has published a letter explaining the practicalities of recently introduced legislation which provides for SARS to determine the effective tax rate in respect of the combined employment and/or pension sources of income of a taxpayer, and to provide the rate to the retirement fund administrators for purposes of withholding PAYE. This service may take effect from 1 March 2022.
SARS has published binding private ruling (BPR) 368 determining the income tax and donations tax consequences resulting from payments to be made pursuant to an agreement relating to a permission to occupy.
SARS published binding private ruling (BPR) 369 which determines that interest that arose, out of the investment proceeds of assets sold in the course of liquidation, which is paid to trade creditors, is not deductible for tax.
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