Davey’s Locker

THE THIRD VERSION July 2016 The draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill, 2016, published on 20 July 2016 (see the Monthly Listing), includes a proposed third version of the Special Voluntary Disclosure Programme (SVDP). This version is to...

INCREASED TAX RELIEF BUT ACCESS CONSTRAINTS June 2016 RAFs are long-term savings The increased tax deductibility of contributions to a retirement annuity fund, effective as from 1 March 2016, to 27,5% of the greater of taxable income and remuneration, has incentivized...

A SUBMISSION TO THE NATIONAL ASSEMBLY May 2016 The media release In accordance with the media statement issued by National Treasury of 24 February 2016, there were three forms of relief that may be claimed jointly or severally, namely: Exchange Control relief for...

TAXPAYERS FORCED TO REGULARISE THEIR OFFSHORE ASSETS? April 2016 Common reporting standards Tax havens are in the spotlight, courtesy of the Panamanian leak of information about the clients of a prominent law firm situated there. The world is a global village when it...

CAPITAL GAINS INCLUSION March 2016 New s 11(k) The new retirement fund contribution-deduction-regime became effective on 1 March 2016 (151, 153 tsh 2015). In essence, the deduction in each year is, under s 11(k) of the Income Tax Act, 27,5% of the greater of...

ON OFFSHORE ASSETS AND INCOME February 2016 The Minister of Finance, in his 2016 Budget Speech, announced a special voluntary disclosure programme (SVDP) to enable applicants to regularize both their tax and exchange control affairs (152 tsh 2015). Tax relief In...

LATEST AMENDMENTS January 2016 General rule The prescription period for a revised assessment is either three years for taxes assessed by SARS or five years for taxes self-assessed by a taxpayer. Post-prescription revisions Before the advent of s 98 of the Tax...