By Madelein Grobler Many tax practitioners and members in business (MIB) can tell a tale around their struggles around South African Revenue (SARS) Service passing unexplained journal entries on the statement of accounts for many years. SAICA has also taken part in this tale, continuously raising the concern during SARS engagements − since April 2015!… Read More Turning tales of perception into facts of reality
The International Auditing and Assurance Standards Board (IAASB) issued three exposure drafts for quality management at firm and engagement levels in February 2019 with a deadline for comment of 1 July 2019. The suite of quality management exposure drafts includes ED-ISQM 1 discussed here This article provides an overview of the introductory paragraphs to the… Read More Overview of the introductory paragraphs of ED-ISQM 1
Should all expenses a company incurs in limiting further losses by closing down be deductible for income tax? By Elizabeth Lombaard It is something that seems to be happening more and more these days – businesses starting up and then closing down. And, as a tax professional, I have been approached a number of times… Read More Tax implications of closing down a business
By Tarryn Atkinson CA(SA) SARS is both the administrator and implementor of tax legislation in what can be a lengthy process. While many people anticipate and focus on the budget delivered in February each year by the incumbent Minister of Finance, the legislative process itself begins much earlier. National Treasury is the custodian of tax… Read More The birth of tax legislation
By Madelein Grobler Tax practitioners are required by law to provide their clients with access to their own individual eFiling profiles, and refusing to do so will not only have ethical consequences but also legal consequences As the 2019 tax year comes to an end on 28 February 2019, taxpayers may be scouting for a… Read More The tax practitioner’s lien for outstanding debt
By Dhanesh Mohanlal CA(SA) The South African Revenue Service (SARS), through the automatic exchange of information (AEOI), began exchanging tax information with the revenue authorities of over 50 jurisdictions in September 2017. This number has increased to over 100 in September 2018, and this number is set to grow further in the coming years. The… Read More What do developing countries hope to achieve from implementing the AEOI?