(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Tax

The Tax Administration Act: the administrative umpire for unreasonable delays by SARS

Sometimes it just doesn’t seem fair. Punitive measures against taxpayers are swift and stressful. What many taxpayers don’t know, is that the Tax Administration Act (TAA) has the role of administrative umpire, ensuring that SARS, too, plays fair. SARS needs to be efficient, economic and effective; act impartially, fairly, equitably and without bias. And no,… Read More The Tax Administration Act: the administrative umpire for unreasonable delays by SARS

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Financial Services

Banks vs the client under FATCA and CRS

By Marelize Loftie-Eaton It is critical for both financial institutions and their clients to treat the requirements of FATCA and the CRS with the respect it commands from a compliance perspective to prevent unnecessary pain with harsh penalties being imposed for non-compliance. Although tax avoidance is legally possible or acceptable, there is a fine line between… Read More Banks vs the client under FATCA and CRS

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Tax

Another tax interpretation rule conundrum

By Pieter Faber  The Supreme Court of Appeal (SCA) in CSARS vsDaikin, in a split judgment, tests the rules of interpretation again and creates further uncertainty on how to practically approach the rules of interpretation. Background CSARS v Daikin Air Conditioning(185/2017)[2018] ZASCA 66 (25 May 2018) is an appeal to the SCA regarding theclassification of… Read More Another tax interpretation rule conundrum

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Tax

Acquisition of equity shares from non-resident subject to withholding tax

By Azwinndini Magadani The use of the word ‘indirectly’ widens the scope of the disposals of equity shares that could fall within the ambit of section 35A. The acquisition of shares generally triggers the Security Transfer Tax (STT) payable by a company whose shares are being sold but recoverable from the purchaser. It infrequently happens… Read More Acquisition of equity shares from non-resident subject to withholding tax

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Tax

Rolling VAT refunds

Challenges in obtaining VAT refunds have not only been confirmed by SAICA’s own research but reaffirmed by the Office of the Tax Ombud and even the Nugent SARS Inquiry. However, business needs to continue, and business people make plans to keep their cash flow alive. ‘Cash flow is king’ is a saying used in all… Read More Rolling VAT refunds

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Tax

Can tax law really be made simpler?

Some takeaways from the recent Tax Simplification Symposium. The Tax Simplification Symposium held 10 and 11 October 2018 and culminating in a summary seminar for SAICA members on 12 October revealed some interesting common themes in the context of tax simplification, not least of which is that there is no clear view on what ‘tax… Read More Can tax law really be made simpler?