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FISA and the Davis Tax Committee

03 June 2016 | Tax

In September 2015 FISA formally lodged a document containing its commentary on the 1st Interim Report issued by the DTC. In this Interim Report the DTC formalised its recommendations and proposals regarding the current status of wealth taxes and trusts in South Africa. The Interim Report was carefully perused by the FISA Council and after many deliberations formal feedback was lodged to the DTC. This document contains a summary of the most significant comments made by FISA.

The case for SA VAT hike economically solid, says Old Mutual Investment Group

11 May 2016 | Tax

While concerns around global growth and pressure on the SA economy have eased recently, the local economy is still fragile. Moody’s decision not to downgrade SA’s sovereign rating at this stage was a welcome surprise, but the risk of a downgrade to junk status by any, or both, of the other two major ratings agencies remains an ever-present threat. However, South Africa can still avoid a ratings downgrade to junk status provided fiscal consolidation is strictly adhered to and confidence- and growth enhancing economic reforms are implemented without any further delay.

Don’t drag your feet when objecting to your tax assessment

20 April 2016 | Tax

A taxpayer who feels aggrieved about a tax assessment is allowed to lodge an objection with SARS. Section 104(3) of the Tax Administration Act, 2011 (TAA) requires a taxpayer to lodge his objection within the period prescribed in the rules. The rules prescribe a period of 30 business days to lodge a notice of objection, which period commences from the date of assessment, or the date that SARS provides reasons for the assessment if such reasons were requested by the taxpayer.

Amendments to tax free investment regulations

04 April 2016 | Tax

With effect from 1 March 2015, the South African Government (Government) introduced tax free investments (TFI). In this regard, the Income Tax Act, No 58 of 1962 (Act) was amended to introduce a new s12T, in addition to the notice and regulations published in the Government Gazette on 25 February 2015.

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