This ruling determines whether there is a de-grouping charge in terms of section 45(4)(b) when a group of companies who previously implemented a section 45 transaction is transferred to form part of another group of companies which group is ultimately held by the same controlling group company. It also considered the security transfer tax (“STT”) consequences.
This ruling determines the tax consequences of a distribution in specie of shares by a SA resident company to its shareholders, focussing on the definitions of ‘dividend’, ‘return of capital’ and paragraph 75.
This ruling determines the capital gains tax consequences of an in specie distribution by a company to its shareholders.
Updated lists of countries having an International Agreement in place with South Africa for purposes of Article 2(2) has been made available. The lists are intended to assist members of Multi-National Entity (“MNE”) Groups tax resident in South Africa in complying with their obligations under Article 2(2)(ii)(b) of the Country-by-Country reporting Regulations.
An amendment to paragraph 9, item 406 of schedule 1 of the Value-Added Tax Act, No. 89 of 1991 (‘VAT Act’) has been made by SARS. Schedule 1 provides for the exemption of certain goods imported into South Africa (“SA”).
Over the past number of years, with the change of South Africa’s economic climate and various tax law changes, there has been a remarked increase in South Africans relocating to countries outside of South Africa. Relocating to another country does not automatically result in you ceasing to a tax resident.
Taxpayers who are contemplating ceasing to be tax resident, wishing to transfer capital abroad, may encounter a roadblock. With effect from 1 March 2021, the taxpayer’s bank will require a TCS pin issued by SARS in relation to an emigration tax clearance application (TCR01 form).
Previously when submitted a financial emigration application to the South African Reserve Bank (“SARB”) before 1 March 2021, you were allowed to emigration as part of a family unit, being a principal applicant, their spouse and their minor children.
SARS has published a new guide that describes the tax services offered by SARS via your mobile device. These services can be accessed with or without data/airtime.
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