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When is CTC not available as CTC?
What is contributed tax capital? CTC - or to give it its full name, contributed tax capital - is an artificial or notional designation created for [...]
When is Disclosure Voluntary for VDP Relief?
Voluntary Disclosure Programme (VDP) The Voluntary Disclosure Programme (VDP) is a disclosure programme that allows taxpayers to come forward on a voluntary basis to regularise their [...]
Treaty residence of mobile South Africans – An interesting UK tax case
Treaty residence of mobile South Africans The tax residence status of a natural person with a mobile lifestyle recently formed the subject matter of a tax [...]
2022/2023 Budget Proposals Tax Overview
2022/2023 Budget Proposals - Tax Overview By: The Werksmans Tax Team INTRODUCTION Minister of Finance Enoch Godongwana delivered his maiden Budget Speech on 23 February 2022. [...]
The application of the reportable arrangement provisions to contributions to offshore discretionary trusts
Offshore discretionary trusts by Erich Bell, Director Werksmans Tax Proprietary Limited The reportable arrangement provisions in Part B of Chapter 4 of the Tax Administration Act, [...]
Werksmans Tax Brief
Tax Amendments 2021 Introduction On 11 November 2021, when the Minister of Finance presented his Medium Term Budget Policy Statement to Parliament, he also tabled the [...]
The SCA rules on the deductibility of contributions to employee share incentive schemes and prescription
SCA rules on the deductibility of contributions Many employers implement employee share incentive schemes with the intention of incentivising and retaining employees. While this is a [...]
New procedures when natural persons cease their SA tax residency
Cease SA tax residency The South African Revenue Service ("SARS") recently issued guidance on its website on what the cessation of an individual's South African tax [...]
Can crypto assets be exported?
The movement of crypto assets between digital wallets The Financial Surveillance Department of the South African Reserve Bank or "FinSurv" has made its views known on [...]
Treasury modifies the interest limitation proposals
Proposed interest limitation rules In 2019 Treasury released a discussion document dealing with the proposed interest limitation rules that would apply where a South African company [...]
The importance of careful drafting of Trust Deeds
Careful and precise drafting of Trust Deeds Many South Africans form trusts for asset protection and estate planning purposes. In the 2018 case of Du Plessis [...]
The G7 Finance Ministers’ Global Tax Agreement (or are tax havens dead?)
by Ernest Mazansky, Head of Tax Practice, Werksmans Attorneys As has been fairly widely reported with a great deal of fanfare on the international television news [...]
The Constitutional Court rules on tax allowances for retail loyalty programmes
The Constitutional Court rules on tax allowances It is rare to see tax disputes end up in the Constitutional Court and even more so to see [...]
Vesting of Capital Gains through Multiple Trusts
by Erich Bell, Director The recent tax court decision IT 24918 (delivered on 18 March 2021) is the first case in which it was considered whether [...]
SARS casts its non-compliance net wide
By Nicholas Fairbairn, Associate Reviewed by Doelie Lessing, Director Readers should be alert of their exposure to potential criminal liability for the smallest tax transgressions following [...]
2021/2022 Budget Proposals – Tax Overview
2021/2022 Budget Proposals – Tax Overview By: The Werksmans Tax Team INTRODUCTION This was a Budget focused on big spending announcements and was heavily influenced by [...]
Exchange control relaxation: removal of loop
By Ernest Mazansky, Head of Tax Practice, Werksmans Attorneys On 4 January 2021 the Financial Surveillance Department of the South African Reserve Bank (FinSurv) issued a [...]
Werksmans Tax Brief
by Ernest Mazansky, Head of Tax Practice, Werksmans Attorneys 2020 Tax Amendments Introduction On 28 October 2020, when the Minister of Finance presented his Medium Term [...]
Potential Emigrants, Beware
By Anuschka Wischnewski, Associate Reviewed by Ernest Mazansky, Head of Tax Practice Currently, the Income Tax Act, 1962 (the Act) allows for the payment of a [...]
Proposed tax changes to facilitate the relaxation of exchange control require refinement
by Ryan Killoran, Director In the Budget Speech which was delivered on 25 February this year it was announced that the exchange control system would be [...]
The effect of divorce and remarriage on a Will: SA and UK perspective
by Rachel Winterbach, Candidate Attorney reviewed by Doelie Lessing, Director This article compares the legal position that applies in the UK when a testator executed a [...]
The deductibility of BBBEE expenditure – Binding Class Ruling 72
by Kyle Fyfe, Senior Associatereviewed by Ernest Mazansky, Head of Tax Practice SARS has recently issued Binding Class Ruling 72 ("BCR 72"), in which it ruled [...]
SARS to get a new stick
by Kyle Fyfe, Senior Associatereviewed by Ernest Mazansky, Head of Tax Practice Section 34 of the draft Tax Administration Laws Amendment Bill, 2020 proposes to amend [...]
When can losses on shareholders’ loans be claimed as a tax deduction
by Ernest Mazansky, Head of Tax Practice Introduction It is an inevitable consequence when operating in a distress economy, such as we find ourselves in South [...]
Tax Treatment of Prepaid Expenditure in the Limelight
By Erich Bell, Director, Werksmans Tax Proprietary Limited The application of section 23H was one of the issues recently considered by the Supreme Court of Appeal [...]
