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News

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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Taxpayers with outstanding returns summoned to face criminal charges

The National Prosecuting Authority (NPA) is issuing summonses to taxpayers with outstanding tax returns. Sars commissioner Edward Kieswetter has promised that they will make life difficult for non-compliant taxpayers, a promise he has kept. Those who decided to ignore his words of caution may soon be summoned to appear in court on criminal charges, even…

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SARS Will Audit Your Home Office Deductions

During the webinar, the SARS Commissioner, Edward Kieswetter, advised taxpayers to think carefully before claiming their home office expenses and cautioned against having a “catch-me-if-you-can” attitude. Non-compliers will be detected and will not qualify for the deduction Since working from home has become far more prevalent, SARS anticipated an influx of these claims and confirmed…

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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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Hosting A Paying Guest Is More Taxing Than You Thought – SARS

SARS recently warned owners of South African properties who host fee-paying guests that “the rental income they receive must be declared in their income tax return”. While Airbnb, for example, is very well regulated and requires tax-related declarations annually before any payments are made to the hosts, the informal sector is, of course, unregulated. Some…

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