The validity of tax invoices: It is your responsibility
The audits of Value-Added Tax (VAT) returns by the South African Revenue Service (SARS), have increased the focus on the validity of tax invoices for the purposes of VAT. A VAT vendor submitting VAT returns is responsible for ensuring that all invoices included in the returns comply with the relevant legislation. If valid tax invoices […]
Interest Free or Low Interest Loans to Trusts – Draft Taxation Laws Amendment Bill – 8 July 2016
The Draft Taxations Laws Amendment Bill, 2016 has been made available for comments. As far as trusts are concerned a new section 7C is proposed. The provisions of said section can be summarised as follows: The provisions apply to a loan, advance or credit made by a natural person,or by any company in relation to […]
Capital gains tax and the sale of a property
Capital Gains Tax was introduced on 1 October 2001. Capital Gains Tax is payable on the profit a seller makes when disposing of his property. What is meant by Capital Gain? A person’s capital gain on an asset disposed of is the amount by which the proceeds exceed the base cost of that asset. What […]