The Davis Tax Committee (DTC) has called for comments in respect of the report which must be submitted by 31 October 2015. In this regard, KPMG will be preparing and collating a comprehensive submission to the DTC.
The DTC (established by the Minister of Finance in 2013) released its long awaited first interim report (“the report”) on mining on 12 August 2015.
Section 12I Industrial Policy Projects – extended lifespan and relaxing compliance.
Section 12P of the Income Tax Act, which came into operation on 1 January 2013, is aimed at creating a unified system for exempting or taxing government grants, and regulating related allowances and deductions.
Global Mobility Services & Employment Tax Advisory (GMS & ETA) have put together the attached Immigration Guide to answer many of the frequently asked questions regarding Visas/Work Permits.
Education of pension fund members often lacking.
The ‘risk policy fund’ was introduced in the 2014 Taxation Laws Amendment Act as the fifth fund of a long-term insurer and in which all the assets and liabilities in relation to a ‘risk policy’ should be recorded.
In the 2015 Taxation Laws Amendment Bill it is proposed that the ‘adjusted IFRS value’ definition that applies to the risk policy fund be extended to apply to the other policyholder funds.
Controlled foreign companies (CFCs) engaged in offshore short-term insurance can deduct reserves related to the carrying on of a short-term insurance business outside South Africa.
The Solvency Assessment and Management (SAM) regime will, similar to long-term insurers, be introduced in 2016.
The draft Insurance Bill introduced provisions of micro-insurance business that will be supervised by the Financial Services Board as from 1 January 2016.
On 22 July 2015, National Treasury released draft tax legislation for public comment, which aims to implement tax proposals that were announced in the 2015 Budget Speech.
On 22 July 2015, National Treasury released the 2015 Draft Taxation Laws Amendment Bill (TLAB) and 2015 Draft Tax Administration Laws Amendment Bill (TALAB) for public comment.
In a major new study released by KPMG International, which tracks insights on the coming three years, chief executives of global businesses said they are confident about the ability of their companies to grow over the next three years.
Growth. Volatility. Disruption. Uncertainty. When it comes to doing business, CEOs globally are being challenged to navigate the path to success within an environment of constant change.