Tax
SARS faces underfunding of R9-billion

The South African Revenue Service faces underfunding of R9-billion over the next three years while the institutional rebuilding after State Capture continues, says tax boss Edward Kieswetter. Read the full article here.

SARS Collects R1.564 trillion

For the period ending 31 March 2022, SARS collected a gross amount of R1 884.9 billion (R1 540.5 billion in the prior year). Offset by refunds of R321.1 billion (R290.7 billion in the prior year), this results in net collections of R1 563.8 billion, which represented a surplus of R314.0 billion (25.1%) against the prior […]

Additional tax invoice requirements for non-resident suppliers of electronic services 

By Jana Botha, VAT Consultant, and Francis Mayebe, Candidate Attorney, Tax Practice, Baker McKenzie Johannesburg  VAT-registered ESS suppliers must take note of the important changes to the tax invoice requirements to ensure compliance with the law. South Africa imposed VAT on electronic services with effect from June 2014, and subsequently widened the scope of the […]

SARS Vision 2024: greater efficiency in collections, but questions remain 

By Joon Chong, Partner at Webber Wentzel  SARS plans to implement Vision 2024 with the objective of collecting taxes from individuals on a real-time monthly basis, but a number of practical issues need to be addressed  SARS announced in February 2020 that it was taking the first steps towards becoming a future revenue authority informed […]

Curbing abuse of the Employment Tax Incentive project 

By Patrick Heron, Trainee Attorney, Wesley Grimm Senior Associate & Joon Chong, Partner from Webber Wentzel  Amendments to the Employment Tax Incentive Act, 2013 geared towards halting the abuse of employment tax incentives came into force on 1 March 2022  The Employment Tax Incentive (ETI) project was introduced in the ETI Act, 2013 to help […]

The Taxation Of Cryptocurrency

Hear from the experts at Ledgible how cryptocurrency is impacting the accounting world and more specifically how taxes and cryptocurrency intersect. Listen to the podcast here.

How Blockchain Will Shape the Future of Accounting

Forward-thinking innovator Jacob Lewtan sees the fourth industrial revolution as a persistent threat to the accounting profession. He draws upon his knowledge of the power of analytics, fraud, and monitoring to connect how the accounting profession can advance through use of emerging technologies.

Crypto is colliding with accounting

Accounting will not disappear, but accountants as we know them might.  In the recent Netflix blockbuster: Don’t Look Up, a group of astronomers sound the alarm about a killer asteroid hurtling towards earth, only for many to hit the snooze button. Monica Singer is the accounting equivalent of those astronomers.  Singer, a chartered accountant, former CEO of Strate (a central securities […]

Covid-19 organisations and their donors are in SARS’ cross hairs 

By Wesley Grimm, Senior Associate & Shirleen Ritchie, Partner at Webber Wentzel  SARS appears to be reviewing the tax deductibility of donations made after 30 September 2021 to organisations set up to provide economic forms of disaster relief for Covid-19  If you donated to a Covid-19 disaster relief organisation or, as such an organisation, issued […]

Curbing abuse of the Employment Tax Incentive project

By Patrick Heron, Trainee Attorney, Wesley Grimm Senior Associate & Joon Chong, Partner from Webber Wentzel Amendments to the Employment Tax Incentive Act, 2013 geared towards halting the abuse of employment tax incentives came into force on 1 March 2022. The Employment Tax Incentive (ETI) project was introduced in the ETI Act, 2013 to help […]