Are you a multi-national entity with a global policy prohibiting the parting of ownership (eg BEE) in foreign jurisdictions?

Broad Based, Black Economic Empowerment (hereinafter “BEE”), whilst not compulsory, has become a business imperative for most organisations, but is also one of the biggest threats if not understood and implemented properly. The reality of BEE in context of the broader economy is that though the Broad-Based Black Economic Empowerment Act 2003 as amended by […]

South African Tax Residents Working Abroad

With effect from the 1 March 2020, South African working abroad will no longer get the benefit of tax exemption for earnings earned from a foreign source except for the first million rand in terms of revised section 10(1)(o)(ii) to the Income Tax Act No 58 of 1962. What choices do South African Tax Residents […]

Summary SA transfer pricing compliance rules

Country-by-Country reporting Multinational Entities (“MNEs”) impacted are defined in the South African CbC regulations as having a total consolidated group revenue of more than R10 billion or €750 million. This is applicable when the Ultimate Parent Entity (“UPE”) submits the CbC report and is a tax resident within South Africa. Also this is applicable when […]

Are you ready? SARS to collect Health Promotion Levy “Sugar Tax” (SBL) from 1 April 2018

The South African Revenue Service (SARS) will collect the Sugary Beverages Levy (SBL) as from 1 April 2018. The levy falls under the Rates and Monetary Amounts and Revenue Laws Amendment Bill, 2017, as passed in Parliament on 5 December 2017. Part 7A of Schedule No.1 to the Customs and Excise Act, 1964, provides for […]

Deadline for Provisional Taxpayers is 31 January 2018

Deadline for Provisional Taxpayers is 31 January 2018 The South African Revenue Service (SARS) reminds individual provisional taxpayers that the deadline to submit their annual income tax returns (ITR12) through e-Filing is 31 January 2018. Late submission could lead to penalties being charged. A provisional taxpayer is any person who receives income (or to whom […]

South African Revenue Service (SARS) proposed amendment to section 10(1)(ii) of the Income Tax Act No 58, of 1962