Tax Transparency and Exchange of Information occupied centre-stage on the international tax agenda at the recent Africa Initiative and OECD Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) Plenary meetings.
The latest Tax Practitioner newsletter (issue 27) has been published and deals with a few topics including SARS extending the filing season deadline, the new penalty rule for non-compliant taxpayers and physical impairment or disability expenditures.
SARS has extended the filing season deadline for non-provisional individual taxpayers from 23 November 2021 to 2 December 2021. As a result the public notice relating to fixed amount penalty has also been updated to refer to the appropriate date from which compliance is required.
The South Africa (“SA”) transfer pricing regime is being strengthened, but taxpayers may first need time to get back on their feet. This article highlights some of the findings from the SA Finance Minister’s medium term budget policy statement (“MTBPS”), delivered on 11 November 2021, in respect of transfer pricing.
In 2019 it was announced that the net of taxpayers being subjected to the SA transfer pricing regime would be thrown wider by introducing the concept of “associated enterprises” to the legislative framework, with effect from 1 January 2021. The implementation of the latter has been deferred further to 1 January 2023.
Have you accepted the responsibility as a fiduciary representing a Public Benefit Organisation (“PBO”) and do you know what you are responsible for?
On 15 November 2021 SARS published Draft Interpretation Note 28 (Issue 3) “Deductions of Home Office Expenses Incurred by Persons in Employment or Persons Holding an Office” for public comment. SARS has released additional information to address frequently asked questions in respect thereof
The latest VAT Connect Newsletter was published with an update and detail on recent amendments to the VAT Act
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