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South Africa is getting more tax hikes in 2021 – there’s just one very big problem

The South African government responded to the Covid-19 pandemic with the largest relief effort in the country’s history, despite the fact that it and other emerging markets have had to take the crisis with fewer resources and higher borrowing costs. However, unlike other emerging markets, South Africa does not necessarily have the room to broaden its…

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You could end up in Jail for neglecting your tax returns

The new amendment to the Tax Administration Act, gives the South African Revenue Service (Sars) the power to put people in jail if they are negligent with their tax returns. The amendment removes the concept of “intent” which needs to be proven that a person willfully broke the law. RELATED: ‘Sars to have contracting revenue base…

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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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South Africa stepping closer to a tax revolt: think tank

The Institute of Race Relations (IRR) has warned that South Africa’s tax base is nearing a tipping point as the government increasingly looks for new ways to collect revenue. In a memorandum sent to president Cyril Ramaphosa earlier this month, the IRR said that the government’s increased revenue pressure on taxpayers was a form of ‘citizen abuse’…

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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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The New Normal

The New Normal is upon us. Nobody quite knows how it will affect business going forward except that it certainly will. Where the business of a company allows for staff to work from home, forward thinking companies are going to embrace the management challenges and collect on the savings the New Normal has to offer….

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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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2021 – Prediction

2018 and 2019 can best be described as the years where government and several organs of state saw a turnaround strategy be implemented to reverse some of the ravages caused by the incompetent and corrupt rule of Jacob Zuma. Ramaphosa immediately fired 10 ministers and three deputy ministers including Bongani Bongo (later arrested, twice on…

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