RSM South Africa

Tax insights

SARS and the taxpayer's rights

9 May 2017
SARS has the power to remove money out of your bank account. What are your rights as the taxpayer? The Tax Administration Act No. 28 of 2011 (TAA) came into effect on 1 October 2012, the main objective of which was to align the tax administration provisions of most of our tax Acts and consolidate these into one piece of legislation.

Transfer Pricing - New record keeping requirements

11 April 2017
In July of 2016 South African Revenue Services issued a draft notice in terms of Section 29 of the Tax Administration Act. The draft notice sets out additional record keeping requirements for transfer pricing transactions.

Should a non-executive director register for VAT?

7 April 2017
As indicated in a previous article published on 17 June 2016, it was uncertain whether or not a non-executive director needs to register for VAT? SARS has now issued Binding Private Ruling 40 and Binding Private Ruling 41 that deals specifically with this question.

Tax considerations surrounding cross border loans

6 April 2017
With the almost non-existent growth in the economy in the last few years, it has become a common practice for taxpayers with foreign shareholding to receive financial assistance from their holding companies. This assistance is generally in the form of loans, with favourable repayment and interest terms.

The Value of Professional Tax Advice

30 March 2017
In this day and age, with tax legislation becoming more complex and the process of applying the law ever more onerous, professional tax advice is valuable.

Time of Supply for Output VAT Deposits

15 March 2017
A fair bit of uncertainty surrounding deposits and the VAT implications would be removed, had the concept been defined in the VAT Act separately. However, the definition of “consideration” in the VAT Act sets out the output tax implications of deposits.

2017 Budget Speech Highlights

23 February 2017
22 February 2017 brought about another Budget speech presentation by Minister Pravin Gordhan. In the build up to the latest Budget, it was clearly advertised that tax proposals were to be introduced to fund significant revenue collections intended to fund budget deficits.

Trusts and Interest Free Loans - Important Legislative Amendments

11 January 2017
In our previous article related to this topic, we highlighted proposed new tax laws that would apply to low or interest free loans made to a trust. Those proposed laws were subject to public comment and, as a result, National Treasury has made substantial revisions to the proposals to be introduced as Section 7C of the Income Tax Act.

Amendments to Deceased Estates

19 December 2016
After recent amendments in the legislation, it has been announced that there will be certain changes in the tax treatment of a Deceased Person and the Deceased Estate.

Section 12H Proposed Amendments

21 November 2016
While boasting the second largest economy in Africa, we as South African citizens cannot hide from the reality of our unequal society. With unemployment hovering around the 25% mark and not being aided by a volatile economy, much has been made of the private sector’s role in uplifting and “saving” the economy.