7 December – Monthly Pay-As-You-Earn (PAYE) submissions and payments 28 December – Excise Duty payments 29 December – End of 3rd Financial Quarter 29 December – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability… Continue reading Your Tax Deadlines for December 2023
Category: Tax
SARS Admin Penalties: What Taxpayers Can Do
“…imposing administrative non-compliance penalties is to ensure the widest possible compliance with the provisions of a Tax Act … they are imposed impartially, consistently and proportionately to the seriousness and duration of the non-compliance.” (SARS) The Tax Administration Act stipulates that SARS can issue administrative penalties for outstanding tax returns. In previous years, penalties were only imposed… Continue reading SARS Admin Penalties: What Taxpayers Can Do
Dispute with SARS? Here are the New Rules…
“The importance of the ability of taxpayers to challenge the legality of actions and decisions within the tax system is internationally recognised.” (Taxpayers’ Rights: Theory, Origin and Implementation) In South Africa, taxpayers have the right to dispute tax assessments, interest, late payment penalties, and administrative penalties for various taxes, including Personal Income Tax (PIT), Corporate Income… Continue reading Dispute with SARS? Here are the New Rules…
Your Tax Deadlines for November 2023
7 November – Monthly Pay-As-You-Earn (PAYE) submissions and payments 29 November – Excise Duty payments 30 November – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions… Continue reading Your Tax Deadlines for November 2023
The Risky New Trust Landscape – What Trustees Need to do Now
“The common assumption is that trusts are some kind of tax panacea…Then, conversely, from a South African Revenue Service (SARS) perspective, trusts are viewed with a degree of suspicion and mistrust. [T]he truth lies somewhere between these positions.” (Broomberg on Tax Strategy) The legal and tax landscape in which South African trusts operate has changed… Continue reading The Risky New Trust Landscape – What Trustees Need to do Now
Your Tax Deadlines for October 2023
6 October – Monthly Pay-As-You-Earn (PAYE) submissions and payments 30 October – Excise Duty payments 31 October – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions… Continue reading Your Tax Deadlines for October 2023
Common Tax-Related Criminal Offences, and How to Avoid Them…
“The difference between tax avoidance and tax evasion is the thickness of a prison wall.” (Denis Healey, former British prime minister) Section 234 in Chapter 17 of the Tax Administration Act (TAA) sets out a list of criminal tax offences. If prosecuted and convicted of a tax criminal offence, taxpayers will – at the least… Continue reading Common Tax-Related Criminal Offences, and How to Avoid Them…
Corporate Taxpayers: Hello Tougher SARS Verifications
“Any taxpayer can be selected by SARS for verification for the purpose of proper administration of tax, including on a risk basis.” (SARS) Companies must, within 12 months of their financial year-end, submit to SARS an Income Tax Return for Companies (ITR14), as well as supporting documents, declaring their full income tax responsibility to SARS. This declaration, return and… Continue reading Corporate Taxpayers: Hello Tougher SARS Verifications
Your Tax Deadlines for September 2023
7 September – Monthly Pay-As-You-Earn (PAYE) submissions and payments 28 September – Excise Duty payments 29 September – End of the 2nd Financial Quarter, Value-Added Tax (VAT) electronic submissions and payments, CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for… Continue reading Your Tax Deadlines for September 2023
SARS Warning: Beware Scam Emails!
“The backbone of any successful phishing attack is a well-designed spoofed email or spoofed website, which is why it pays to have a healthy level of scepticism when it comes to opening emails and visiting websites.” (Phishing.org) With Tax Season 2023 upon us, expect an upsurge in scam emails, seemingly from SARS but actually clever… Continue reading SARS Warning: Beware Scam Emails!