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In July 2017, the first draft of the Taxation Laws Amendment Bill (TLAB) was released by National Treasury for public comment. It will give effect to the majority of the proposed tax legislation changes which were announced by the Minister of Finance in his annual budget speech in February. The TLAB contains a number of controversial provisions which have far-reaching implications for some current structures and pending transactions. Unsurprisingly, taxpayers are questioning what action they should…
Before purchasing a sugar sweetened beverage (SSB), spare one thought for the health consequences and another for your wallet. Late 2017 is likely to see the introduction of a new tax in South Africa in the form of a health promotion levy (or sugar tax). Empirical evidence suggests that the quality of human health has declined drastically in the twenty first century. Governments across the globe are taking proactive measures in an attempt to alleviate…
Before purchasing a sugar sweetened beverage (SSB), spare one thought for the health consequences and another for your wallet. Late 2017 is likely to see the introduction of a new tax in South Africa in the form of a health promotion levy (or sugar tax). Empirical evidence suggests that the quality of human health has declined drastically in the twenty first century. Governments across the globe are taking proactive measures in an attempt to alleviate…
The Special Voluntary Disclosure Programme (SVDP) running until 31 August offers South African residents the opportunity to regularise their tax defaults and exchange control defaults. There have been a number of similar opportunities to regularise tax and exchange control affairs in the past. We have seen two previous special amnesty opportunities in 2003 and 2010 and the permanent VDP which came into force on 1 October 2012 and does not have a termination date. The…
Ruan Jooste’s interesting Business Day article raises the question whether tax structuring is under threat. Although it correctly reminds us that companies engaging in tax structuring need to proceed with caution, tax structuring is alive, well and lawful. Getting advice on a balanced approach to tax structuring and implementing robust structures which achieve the best tax outcome that money can buy, coupled with a focus on careful implementation remains an imperative in any well-run business.…