Tax
COVID-19 effect on transfer pricing and taxation

A shock wave on the cross-border supply chain caused by the pandemic affected the accounting of transfer pricing. Covid-19 is a major crisis that hit the tax, financial market and business operations across the globe. Transfer pricing is an accounting and taxation practice that allows for pricing transactions internally within businesses and between subsidiaries that […]

Transfer pricing themes for 2022: transparency, technology and controversy

From Graphene Economics The 2021 Graphene Economics report on cross-border tax in Africa explores key trends for transfer pricing professionals and revenue authorities on the continent for 2022 and beyond. Like many other aspects of life, cross-border transactions (and therefore taxation) have been affected by issues like COVID-19 supply chain disruptions and rapid digitisation. Beyond […]

Developing countries need transfer pricing rule simplifications

The OECD highlights the importance for developing countries of streamlining complex transfer pricing rules and facilitating access to country-by-country reports in October 13 recommendations to the G20 finance ministers. The transfer pricing recommendations are part of a broader report addressing how global tax rules could be better tailored to meet the needs of developing countries. Read more […]

South Africa proposes model legislation to introduce APA program

SARS notes the importance of establishing an APA program to provide clarity and certainty to taxpayers but adds that “the scarcity of transfer pricing expertise in the country” has been an impediment. Accordingly, it states that establishing a South African APA program will require development of an APA unit within SARS, as well as expansion […]

Global tax changes, supply chain woes and pandemic add to transfer pricing uncertainty

International tax reforms, along with supply chain transformations spurred by the COVID-19 pandemic, are contributing to an unprecedented level of uncertainty about transfer pricing among business leaders. Read more here.

The growing concerns around cross-border transfer pricing in Africa

Tax authorities globally are increasingly concerned with the erosion of the tax base through the manipulation of the price of the cost of a cross-border transaction involving a good or service between two connected enterprises in two different jurisdiction. Read more here.

SARS new rule to push taxpayer compliance

Noncompliance is a challenge SARS is facing. One of the primary goals of the SARS commissioner – Kieswetter is to ensure that all taxpayers are compliant and remain compliant.   FromSARS: The South African Revenue Service (SARS) wishes to remind individual non-provisional taxpayers to file their income tax returns on or before the deadline of 23 November 2021.  Penalties will […]

SAIBA tops up Tax practitioner benefits with expert advice access

In June 2021, The South African Revenue Service’s commissioner Edward Kieswetter notified SAIBA of their approval as a Recognised Controlling Body (RCB). SAIBA launched their tax practitioner license to equip its members and provide the best and exclusive resources. As a recognised controlling body, they aim to enable members to:  Be competent and able to provide high-quality services,  Be accountable for the work they perform,  Be committed to tax CPD,  Be aware of their […]

More tax professionals to be needed when the global minimum tax is applied

The G-20 summit has paved the way for businesses to be bound to their countries, avoiding tax evasion and promoting each country’s economy and tax revenue.   South Africa is amongst the 16 countries which have agreed to the global corporate minimum tax.   Global corporate minimum tax is a tax regime established by international agreement whereby countries adhering to the agreement would […]

SARS sends ‘warning’ letter to taxpayers

The South African Revenue Service (SARS) sent a letter to taxpayers to toughen tax compliance. This will take effect as of 1 December 2021. SARS has been empowered to levy a late submission of return penalty where one or more personal income tax returns are outstanding Read more here