From the 2014 year of assessment, non-resident companies, trusts and other juristic entities are required to submit a tax return in South Africa where those non-resident entities derived service income from a source in South Africa.
As of 1 March 2015, interest payable by South African residents to or for the benefit of foreign persons may be subject to Interest Withholding Tax (IWT) at a rate of 15%.
SARS recently announced that certain changes were introduced to the ITR14 in respect of the 2014 year of assessment.
In line with other countries in the world, South Africa has detailed REIT tax legislation in place, which was introduced with effect for tax years of assessment commencing on or after 1 April 2013.
KPMG, in South Africa since 1895, has been intrinsically linked with the evolution of Tax since it’s start in 1914. KPMG is proud to be a sponsor of the UCT 100 years of Income Tax celebratory event
On 31 October 2014, the COMESA Competition Commission published its 2014 Merger Assessment guidelines which provide much needed clarity in so far as merger control is concerned.
Deborah Tickle, KPMG Director in Global International Corporate Tax and Transfer Pricing Services joins a ClassicFM panel discussion about the 2014 The Medium-Term Budget policy statement issued on 28 October by Minister of Finance Mr Nhlanhla Nene.
The Taxation Laws Amendment Bill (TLAB), tabled in parliament on 22 October 2014, contains welcome changes to the provisions of section 23M of the Income Tax Act (ITA), due to come into operation on 1 January 2015.
The Treasury’s delay in implementing retirement reform has been met with dismay by some industry players, who view the proposed changes as crucial to improving SA’s low savings rate.
On 16 October 2014, National Treasury announced, through a Media Statement, the postponement of phase 1 to March 2016, possibly even March 2017.
Many taxpayers took the opportunity to “come clean” with SARS with an array of penalties and interest been waived. As per the SARS website, the last eight (8) VDP1 applications will be finalised shortly.
KPMG is hosting its annual mining tax and mining law seminar on 29 October 2014. We look forward to seeing you there!
If you need to understand the ways in which the TAA will change, and what motivates SARS to make these amendments, then you need to attend the TAA Update hosted by KPMG.
South African Immigration Regulations, published in a the Government Gazette on 26 May 2014, introduce a significant amount of change and global mobility professionals dealing with immigration matters.
Invitation to the Retirement Reform Event, Wednesday, 1 October 2014 at Johannesburg Country Club, Woodmead.
The concept of reportable arrangements was introduced in 2005 to require early disclosure to SARS of certain types of transaction that may give rise to tax avoidance concerns so as to enable SARS to investigate them timeously.
KPMG will be hosting a seminar on ‘VAT on Short-Term Insurance’ on 16 September 2014 to help you better understand the VAT treatment to be followed in the short-term insurance industry.
This brochure highlights which taxes qualify, SARS penalties, the process, timelines and costs attached to lodging a VDP application.
After widespread criticism and various comments and it has been proposed that South Africa’s transfer pricing legislation relating to Secondary Adjustments, be amended once again.
The 2014 Draft Tax Laws Amendment Bill (the Draft Bill) was published on 17 July 2014 includes various proposed amendments on a broad level, however the REIT tax proposals are rather disappointing.
Join us for a two-day seminar on issues and debates concerning Expatriate and Employee Tax legislations.
The recent decision of the Supreme Court of Appeal (“SCA”) in the matter of SARS v Pretoria East Motors (Pty) Ltd (291/12)  ZASCA 91 is important insofar as it deals with SARS’s obligations when conducting a tax audit.
In the 2014 Budget Speech, the Minister of Finance made specific mention of proposed amendments to the venture capital company (“VCC”) tax regime in order to enhance support for entrepreneurial development.
South African Immigration Regulations were published in a 272-page Government Gazette on 26 May 2014. This document highlights the recent changes in immigration regulation.
South Africa’s location, sizeable economy, political stability, overall strength in financial services and extensive treaty network make South Africa a location in which to establish a regional holding company.
Our comprehensive Tax Guide covers more than just the changes in the Budget, but aims to give you key insights into the various areas of taxation, and is a publication you can use throughout the year
Roula Hadjipaschalis, Partner in Corporate Tax, theorises on how an increase in Public-Private Partnerships (PPPs) would increase service delivery and help combat corruption
Robyn Berger, Head of International Tax, discusses why globalisation has facilitated the need for companies to have robust structures in order to withstand scrutiny by revenue authorities throughout the world.
A resident is defined in section 1 of the Income Tax Act No. 58 of 1962 (“the Act”). The definition includes a place of effective management test as one of the tests to determine the residence of a company.
Promises of job creation, fighting poverty, unemployment and government improving its service delivery mechanisms took centre stage in Finance Minister Pravin Gordhan’s Budget speech.
While KPMG did not anticipate major Tax changes in the current year, the complexity and challenges of the existing Tax environment means that it is time for Tax to be a board room level topic again
The taxation of share incentive scheme benefits has been the subject of a whopping eighteen binding rulings published on the SARS website. It will be no surprise if there is more detail in the 2014 budget.
It is widely expected that some changes to combat so-called base erosion and profit shifting (Beps) will be made to the South African tax system in Budget 2014, according to Barry Ger of KPMG.
Pravin Gordhan really can't rock the boat very much, says Lullu Krugel, KPMG economist, during an interview with Hilton Tarrant on Moneyweb Radio.
Finance Minister Pravin Gordhan’s Budget speech will likely focus on spending, says KPMG’s Cuma Limekaya
Carolyn Chambers, KPMG Tax Director, discusses how employees tax is affected by changes Treasury to and SARS. Legislation over the years has changed to focus on more accountability on the payment of employees tax directors and companies.
Reduce tax rates to grow the economy and increase tax collections, says Yasmeen Suliman, director corporate tax at KPMG, who believes that a move like this could be the legacy that Pravin Gordhan leaves behind in his 2014 budget speech.
Yasmeen Suliman, KPMG tax director, has called for more concrete ideas on how to put the proposed job subsidy into place without compromising existing jobs.
The South African government should reduce tax rates to grow the economy and increase tax collections, according to Yasmeen Suliman, director corporate tax at KPMG.
The tax debate, internationally and in South Africa, is progressively focusing on closing perceived tax loopholes (in order to boost collections) and increasing self-assessment through vigorous auditing by the tax authorities.