Make your B-BBEE spend a “Pay-Back” and not a “Pay-Away”

Section 12J investments have gained significant attention over the last 2-3 years due to their attractive tax benefits. By offering investors a full tax deduction for the amount they invest, section 12J of the Income Tax Act essentially gives investors back their tax money in the year in which the investment is made, and that […]

WTS Business Services Becomes First International Distributor for the Digitised Corporate Governance Framework® Software ̴ Praefectus™

WTS Business Services (Pty) Ltd (‘WTS BS’) is pleased to announce its appointment as an international distributor of the cloud-based Praefectus™ software platform, which empowers the acclaimed Corporate Governance Framework®.  Praefectus™ was jointly developed by two South African companies, CGF Research Institute (Pty) Ltd (‘CGF’) and Madjenta Holdings (Pty) Ltd.  As an organisation which provides […]

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