tax - Business LIVE

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Some may chance arm to foil new dividends tax

Expert warns of incentive to manipulate results to meet changes

Large corporates and their tax advisers

Looking at press reports over the last couple of months, it would seem that the issue with South African tax practitioners is that they are not saying "NO" often (or loudly) enough according to the Minister of Finance and the SARS Commissioner.

Slowdown is expected to continue

Consumers under severe pressure from fuel and energy price hikes. The domestic economy seems to have grown substantially more slowly in the first three months of this year than in the fourth quarter of last year.

Take care with dividend tax

Companies need to make sure administrative systems are in place

OPINION

Tax Talk

Matthew Lester

The taxing issues of retirement

For the 2012/13 tax year the interest income exemption is R22800 for those under 65 years old and R33000 for those over 65.
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Tax Matters

Evan Pickworth

Retirement funds 120% more attractive

It may still be viewed as a grudge purchase by over 90% of South Africans, but the changes made in the latest Budget have made retirement funds over 120% more attractive.

Tax Matters

Evan Pickworth

Patel shouldn't have interfered

The fact that the competition appeal court had to eventually rule in favour of the Massmart deal reflects particular short-sightedness and tardiness by government.
1 Comments

50% rise in VAT refunds may point to capex surge

The 50% year on year (y/y) surge in Value-Added Tax (VAT) refunds to R11.8 billion in February could point to a surge in capital expenditure as VAT vendors can claim a refund for their capital equipment purchases.

Increased tax collection good for cash balances

Strong growth in revenue collections over the past few months has resulted in an improved situation for government's cash balances.
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Tax practitioner regulation is a surprise

Comments by SA Revenue Service (SARS) commissioner Oupa Magashula that tax practitioners had to be regulated as there was widespread unethical practices came as a surprise to the SA Institute of Tax Practitioners (SAITP).

Not much real tax relief

Is the much-vaunted R9.5-billion tax relief a sleight of hand or are taxpayers really better off?

Gibraltar signs tax agreement with SA

Gibraltar has signed a tax information exchange agreement with SA, the Gibraltar government said on Wednesday. This was confirmed by the SA Revenue Service (SARS).

Tax idea unlikely to work well

Earmarking might miss the mark - analysts. Earmarking certain taxes and levies for specific purposes will not necessarily lead to more efficient government spending and service delivery, tax experts said this week.
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Tight tax collections may lead to additional taxes

Tight tax revenue collections may lead to additional taxes in order to increase revenues in the coming years, says Susann Louw, a partner at leading professional services firm Deloitte.
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Dividend tax relief on cards in Budget

If there is a tax cut for individual taxpayers in the upcoming National Budget speech it will not be much. For many it will not even cover the additional tax caused by the changes made to the taxation of medical aid and group life benefits, from March 1 2012.

'Tax breaks for medical professionals needed'

SA reportedly has only 27,000 doctors for a population of 48 million due to the fact that many medical professionals prefer to work overseas.
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Are SA companies highest taxed globally?

Budget time always brings some alternatives and much debate across the country. But a little known fact needs to be put out in the public mind.

Beware the long arm of SARS

Expats in SA must check the fine print, writes BRENDAN PEACOCK
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The noose on the goose just gets tighter

Every year we are led to believe that the individual taxpayer gets a better deal in the national budget. And, yes, tax tables for individuals are adjusted favourably every year. For example, Finance Minister Pravin Gordhan put back R5-billion in 2010/11 and R8-billion in 2011/12.
1 Comments

Perfect time to raise VAT to 15%

This year could be the perfect time for government to increase value added tax (VAT) to 15% from 14% in order to shore up the budget deficit and start budgeting for new expenditure such as the National Health Insurance (NHI), says Deloitte director Mark Silver.
3 Comments

Super wealth tax not likely in SA

Warren Buffet and Jacko Maree may be willing to pay more in taxes, but tax professionals in SA do not expect a super wealth tax to be announced in next month's Budget.
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Carbon tax policy paper only expected after Budget

A revised policy paper on carbon tax is only expected after the Budget in February, according to tax professionals.

Provisional tax rules 'misunderstood'

Ettiene Retief, chairperson of National Tax (Policy) and SARS/National Treasury Stakeholders Committees of the South African Institute of Professional Accountants, says that many taxpayers misunderstand the changed provisional tax rules, and so may inadvertently end up paying their taxes late.

Personal income tax ‘to remain single largest contributor’

Personal income tax was likely to remain the single largest contributor to total tax revenue in 2011-12, although the contributions of corporate tax and VAT were expected to have risen in line with the improvement in economic conditions, financial services group Deloitte said yesterday.

Sars on trail of defaulters

University students who were funded through government loans will soon have to deal with the SA Revenue Service.

'Tax moratorium produced tons of information'

Finance Minister Pravin Gordhan says the moratorium imposed on companies using the provision in the tax laws to transfer assets on a tax-neutral basis had produced tons of information and was to stop the robbing of the fiscus.
2 Comments

Municipality rates hurt SA's tax reputation

An increase in rates by municipalities has come back to bite SA's reputation on the global tax stage, where SA's worldwide ranking has declined 10 points from 24 to 36 out of 183 economies that took part in a new report.
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Taxpayer loses application to rescind judgment

Mr Modibane launched an application in the South Gauteng High Court for the rescission of judgment obtained by SARS on 5 March 2009, which was dismissed.

Opinion: Must you register your employee?

Taxpayers are quick to respond to communications from the South African Revenue Service without asking which terms of what section of the Income Tax Act oblige them to provide the information.

How BlackBerry had us singing the blues

The breweries will tell you that a day of lost turnover is lost forever.

The problem is actually too few dependants

It is difficult to criticise Pravin Gordhan's medium-term budget policy statement. Isn't it nice to have a finance minister who is so on top of his game while the rest of us grope for answers?
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Taxpayers prefer the Internet

More than six million South African's are filing their tax returns electronically, 12 times more than five years ago, says the SA Revenue Service.

Tax defaulters must seek relief by October 31

Taxpayers who have tax defaults with the South African Revenue Service (SARS) and would like to be granted relief from penalties and interest, and avoid possible criminal prosecution have until October 31 to voluntarily disclose their outstanding tax affairs.

Top tips for filing your 2011 tax return

Tax returns need to be filed by November 25. We ask two experts on how to successfully submit returns: Jerry Botha (General manager) and Marius Engelbrecht (Tax Manager) of Tax Consulting South Africa.

Tax compliance is key to good relationship with SARS

Ettiene Retief, chairperson of National Tax (Policy) and SARS/National Treasury Stakeholders Committees of the South African Institute of Professional Accountants (SAIPA), says that many taxpayers misunderstand the changed provisional tax rules, and so may inadvertently end up paying their taxes late.

New VAT system has businesses tearing hair out

New risk parameters set by the Receiver of Revenue are so stringent that the majority of value-added-tax returns are being queried, placing a heavy burden on business, a tax expert has cautioned.
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How to donate money - and get some back

A cocktail of great leadership from Archbishop Emeritus Desmond Tutu, Warren Buffett, Pravin Gordhan and Jacko Maree has created a mood of: "How can I help solve South Africa's problems today? And if I could secure a tax deduction on a donation, I might donate even more!" So here are some rules to help.
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Court affirms SARS’ power to collect tax

The taxpayer is not afforded opportunity to oppose the granting of the judgment

Taxman targets the rich

SA Revenue Service Commissioner Oupa Magashula has fired his first shot in a battle against wealthy tax evaders, slapping a R200-million bill for back taxes on two companies owned by horseracing celebrity and Steinhoff CE Markus Jooste.