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Taxing South Africa into prosperity

17 May 2017 | Tax

The Davis Tax Committee (DTC) has called for written submissions by 31 May 2017 on the desirability and feasibility of wealth taxes for South Africa. It has advised that it will adopt a participatory and consultative approach allowing for wide engagement with all stakeholders on the issue.

SARS to crack down on multinational companies and subsidiaries’ tax returns

16 May 2017 | Tax

Medium and large businesses with multinational ties will soon have to start supplying the South African Revenue Service (SARS) with more detailed reports of their relationships and transactions with entities residing in other countries. SARS has beefed up its Transfer Pricing Division and is now actively involved in the international initiative to stop base erosion and profit shifting by multinational companies.

KPMG launches an Incentive Tax App

08 May 2017 | Tax

It calculates learnership tax allowances and generates tax schedules at the press of a button.

Is the new super tax a tax on wealth?

02 May 2017 | Tax

In his last Budget Speech as Finance Minister, Pravin Gordhan announced the introduction of an additional tax bracket of 45% for individuals earning more than R1.5 million per annum. Many refer to this tax bracket as a ‘wealth tax’. Is this bracket in fact intended to be a wealth tax? A wealth tax is a tax on the increase in the value of personal assets owned. The effect of the additional tax bracket is that every additional rand generated in excess of R1.5 million per annum of taxable income will be subject to tax at a rate of 45% before it is used to create any form of wealth.

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If you had to choose one approach to protect your hard-earned investment cash from today’s market madness, which would it be?

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