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SARS to waive penalties for voluntary disclosure?

06 August 2015 | Tax

The rapid development in international tax transparency over the past two years in the form of the OECD Common Reporting Standard CRS has caused many South African taxpayers to consider regularising their offshore tax affairs via the SARS Voluntary Disclosure Programme (VDP). The prospect of a ‘penalty-free’ VDP has recently emerged in the light of the proposals of the Tax Administration Laws Amendment Bill. The main impediment to regularisation at this stage seems to be the exchange control regime, although there may be some developments soon in this regard.

Withdrawal of foreign tax credits for South African-sourced income

29 July 2015 | Tax

The 2015 Budget announced by Finance Minister Nene included a number of measures to bolster tax revenues from an international perspective.

Davis Commission shows its hand on VAT after long deliberations

20 July 2015 | Tax

The South African tax environment has been an issue that has been under the microscope by government and public alike for a number of years now. The biggest issue that needs to be addressed is the fact that 6% of the population bears the burden of the whole country’s tax revenues.

Income Protection Policies – clarifying the consequences to the tax treatment

17 July 2015 | Tax

As of the latest tax year (starting 1 March 2015), companies are still struggling to come to grips with the consequences of the changes to the rules in respect of premiums paid to income protection policies for their payroll administration and payroll systems.

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