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Tax Ombud: ‘Systemic investigations the way forward’

Eric Mkhawane

Outgoing CEO Eric Mkhawane reflects on five years of resolving issues between taxpayers and Sars. The Office of the Tax Ombud should conclude its systemic investigations into problems with Pay-As-You Earn (PAYE) statements of account and alleged non-adherence to dispute resolution timeframes by the South African Revenue Service (Sars) shortly. Its outgoing CEO, Eric Mkhawane,…

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South Africa’s big tax gap problem

Tax South Africa

The South African Revenue Service (SARS) reported its preliminary results at the start of April, which exposed a revenue collection shortfall of approximately R14.6 billion for the 2018/19 financial year. This makes it the fifth consecutive year that the organisation has missed its collection targets. However, what is not immediately clear from the numbers above,…

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Financial emigration: What it involves

Emigration

Financial emigration is an exchange control matter that allows a South African can, with the approval of the SA Reserve Bank, to be classified as a non-resident of the country, explains Tim Powell, director of forex at Sable International. South African residents who have been living abroad – but have not officially emigrated through the…

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3 ways to maximise your retirement savings

Retirment

Maximising your contributions or making a lump sum payment towards your pension, provident or retirement annuity is the most efficient way to minimise the impact of rising taxes while building long term capital, says Regard Budler, head of product solutions at Momentum Corporate. Not only will you soften the blow to your net worth, but…

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Not the worst roll of the dice

Income Tax

The much-awaited maiden budget by Finance Minister Tito Mboweni has come and gone, and actually, it was not all doom and gloom. Maybe Mboweni understood the mood of the country when he decided to introduce lower tax increases on alcohol and tobacco this year, and although there are now three layers in the fuel levy…

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What’s next for tax-free savings accounts?

Tax Free

Almost four years have passed since National Treasury introduced tax-free savings accounts (TFSAs) to improve South Africa’s dismal savings rate. The accounts provide a tax-free wrapper that investors can use for investments in various asset classes by opening accounts with banks, asset managers, life insurers and stockbrokers. Currently, individuals can invest up to R33 000…

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Caution needed about the hype around ‘pervasive profit shifting’

pervasive profit shifting

A recent study on the role of large foreign multinational companies in shifting profits from South Africa to ‘tax havens’ has been welcomed, but also criticised. According to the research done on behalf of the Southern African – Towards Inclusive Economic Development (SA-TIED) programme, tax haven-owned firms are 80% less profitable than their non-haven-owned counterparts….

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