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Mauritius Revenue Authority Declares That Foreign Trusts Are No Longer Exempt From Paying Tax

Recently the Mauritius Revenue Authority (“MRA”) announced by way of a Statement of Practice (“SOP”) that foreign trusts held in Mauritius will no longer be exempt from income taxes. This has caused a stir in local finance and investment circles because South Africans holding Mauritian trusts will no longer be exempt from paying tax in…

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Tax treaty amendments aim to clamp down on tax evasion, Parly hears

South Africa is looking to amend tax treaties with three countries in a bid to boost the exchange of information between tax authorities and clamp down on tax evasion. National Treasury and the South African Revenue Services (SARS) on Wednesday held preliminary hearings with the Standing Committee on Finance about proposed amendments to tax treaties…

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A big tax shift has hit South Africa – and it could cause problems

Tax revenue collection has shifted significantly in South Africa over the last decade as the government grows increasingly reliant on individual taxpayers, a new report from the Financial Fiscal Commission shows. The group’s data shows that there has been a drastic ‘substitution effect’ of corporate income tax (CIT) with personal income tax (PIT) and domestic…

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The cost of dying and when you have to pay it

Although most people realise that there are costs when someone passes away, they don’t necessarily understand what these costs are, when and how they need to be paid, and how much they will amount to. Sarah Love, a fiduciary practitioner at Private Client Trust, a division of Private Client Holdings, unpacks and explains these costs….

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Travel Allowances

COVID-19 has far-reaching effects for the South African taxpayer and, unbeknown to many, may be silently increasing their tax liability for the 2022 year of assessment. In some cases, the purpose for granting a travel allowance to employees (and the same applies to company vehicles) has been subverted by the pandemic, where business travel may…

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5 Myths About Your Taxes That May Save You Money

“When it comes to employee tax, a little training goes a long way towards restoring productivity,” says Tanya Tosen, Tax and Remuneration Specialist at Remuneration Consultants. Many employees don’t understand the complex tax calculations payroll applies to their earnings each month and often question these deductions. This is fuelled by tax myths that have become…

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Cryptocurrency A Primary Concern For Tax Authorities

There are many South Africans who have made investments into cryptocurrency, and we see all types of traders and investors on a daily basis. It has announced a new dawn of investment world-wide and regulators world-wide have been sluggish to respond. However, it is now firmly on the tax radar for revenue authorities world-wide; and the…

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Positive Budget Speech, But Poor Revenues Put High Earners at Risk

On 24 February, Finance Minister Tito Mboweni delivered South Africa’s 2021 National Budget speech. An upbeat Mboweni announced several tax measures, some providing relief for earners and others increasing the burden on consumers. Lurking in the background, though, was the shadow of an impending tax blitz. “SARS will be under pressure to find revenues elsewhere and…

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Deadline for tax has been extended

In terms of section 25(7) of the Tax Administration Act, 2011, I, Edward Christian Kieswetter, Commissioner for the South African Revenue Service, hereby prescribe that the date on which an income tax return relating to a provisional taxpayer that is submitted on the SARS eFiling platform must be submitted in terms of paragraph 4(b)(iii) of…

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