tag:blogger.com,1999:blog-76525963418761578832011-07-07T22:36:20.364+02:00TAXtalkTAXtalk is an empowered company and reaches its clients via three mediums; website access, via an electronic newsletter and the distribution of the TAXtalk Magazine.
Contributors to TAXtalk are independent professionals and experts in their particular fields, giving the editorial content an unbiased and objective angle. The opinions of tax professionals and experts, different angles on tax topics, updates on tax law and legislation all make TAXtalk a valuable source of current tax information.Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.comBlogger231100tag:blogger.com,1999:blog-7652596341876157883.post-8467935227557127732009-05-07T11:01:00.000+02:002009-05-07T11:02:24.526+02:00Sars´s nasty tax demands- Steven Jones - Moneyweb TaxIf services are rendered that income will be taxed whether it is a tip for waitressing, voluntary bonuses or rewards for information.Sub-paragraph (c) of the definition of “gross income” as contained in Section 1 of the Income Tax Act stipulates that gross income includes “any amount, including any voluntary award, received or accrued in respect of services rendered”.Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com34tag:blogger.com,1999:blog-7652596341876157883.post-31759337252852720772009-05-07T10:20:00.000+02:002009-05-07T10:24:00.954+02:00A Tax Risk Management Consultancy To Have on Your Side- Tax Risk Management ServicesThe tax consultancy of Daniel Erasmus (who is a senior tax consultant in the USA, South Africa and Europe) has undergone a brand name change, in line with the globalisation of Erasmus’ tax practice. Erasmus’ firm Daniel Erasmus Tax Consulting has been re-launched and introduced into the marketplace as the new “Tax Risk Management Services” (TRM Services) in Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-3598771449522607622009-04-20T09:22:00.000+02:002009-04-20T09:23:27.432+02:00New tax method to help small firms- Sanchia Temkin, Professional Services Editor - Business DayMany businesses have yet to respond to the opportunities offered by the turnover tax system.The country’s new turnover tax system will be of benefit to many small and medium-sized enterprises .The tax system, which was recently launched by the South African Revenue Service (SARS), is expected to reduced the time and cost of submitting Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-17707559986464823402009-04-02T08:56:00.000+02:002009-04-02T08:57:19.008+02:00Small businesses VAT headache- Monique Vanek - Moneyweb TaxSarss new registration requirements are making it incredibly onerous for small businesses to comply.If one had to pinpoint the two big tax issues that are getting up South Africans noses it would be provisional tax (see: Provisional tax: a tax nightmare) and VAT registrations.According to Colin Wolfsohn, a member of the Saica National Tax Committee, the South AfricanJanine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-84363850275884542362009-03-31T11:12:00.000+02:002009-03-31T11:13:33.575+02:00How business can qualify for new tax incentives- How business can qualify for new tax incentives 22 March 2010 Tim Desmond* - Moneyweb Tax Follow the right procedures and you could claim as much as R900m back in tax for a greenfield project or R550m for a brownfield project. National Treasury recently released draft regulations relating to tax incentives in support of governments industrial policy strategy. These tax incentives were Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-53189712953950774672009-03-18T10:23:00.001+02:002009-03-18T10:23:57.789+02:00For every door that closes, another opens for BEE- Paul Austin, Head of Corporate Finance - BDO Spencer StewardMany of the black economic empowerment (BEE) deals struck in recent years after painstaking negotiations may have to be renegotiated – dealing a blow to the Department of Trade and Industry’s goal for an unencumbered 25 percent of the economy to be in black hands by 2017, according to Werksmans Attorneys and auditors BDO Spencer Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-5315645961427701872009-03-12T12:48:00.000+02:002009-03-12T12:49:38.647+02:00SARS turns screws on rich tax cheats- Simpiwe Piliso - Sunday TimesThe taxman has unleashed his investigators on some of the country’s richest cheats, who could include banking executives, media barons, IT moguls, sports stars, celebrities and empowerment millionaires.As part of a major crackdown, SARS has launched a review of the files of more than 600 wealthy individuals, including their family trusts.Wealthy tax dodgers are Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-48621253363929839602009-03-04T13:24:00.000+02:002009-03-04T13:27:31.812+02:00New dividends tax brings both simplicity and complexity- Ernest Mazansky, Director - Werksmans AttorneysSouth Africa has just fallen in line with international tax trends with the introduction of a dividends tax to replace the secondary tax on companies (STC), a move likely to make South Africa a more attractive foreign investment destination.However, while this may simplify tax from the perspective of foreign investors, and go some way to attractingJanine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-715931976131019102009-02-26T12:25:00.005+02:002009-02-26T12:57:42.410+02:00New Income Tax Penalty RegulationsThe new s75B ITA authorises a unified fixed-amount penalty regime for all forms of non-compliance, e.g. late filing of returns. The actual penalties are contained in separate Regulations published by SARS.The new Regulations came into effect on 1 January 2009, and apply to all instances of non-compliance occurring on or after 1 January 2009. In the case of pre-existing non-compliance (e.g. Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-14297676525425135112009-02-19T10:30:00.000+02:002009-02-19T10:31:15.466+02:00Income Tax Act to be rewritten- Sanchia Temkin - Professional Services Editor - Business DayTHE government has embarked on a huge project to rewrite the Income Tax Act. This is in line with plans for a new social security dispensation, which is expected next year. “The Income Tax Act is nearly 50 years old. It has been amended and extended over the years to cover business transactions and developments that were unheard of Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-67735347892619057542009-02-04T11:28:00.001+02:002009-02-04T11:30:43.987+02:00Critical issues to be addressed- Paul Gering, CA (SA) - a tax director - PKF Chartered Accountants and Business AdvisersEvery rugby spectator is a selector, and every taxpayer a Minister of Finance, which is why Trevor Manuel is inundated with budget advice at this time of year.At this time of global economic turmoil, there are some critical issues that need to be addressed. Job preservation and creation is one, and Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-78354893058334096602009-01-29T10:54:00.003+02:002009-01-29T11:09:54.359+02:00Managing Expats - and getting quality returns on top skills- Kemp Munnik, Director - BDO Spencer StewardSkills: The ultimate trading commodity in today’s global economy. As companies across the world redefine operations, systems and processes in order to bridge skills gaps, they are not only looking across borders and continents to source scarce skills.They are engaging in honest conversations with quality staff in a bid to retain them, even if this Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-35109362373401375602009-01-22T11:53:00.000+02:002009-01-22T11:54:25.849+02:00How small business taxes will work- SARS - Moneyweb TaxSars reveals all, including how the exemption from STC will work and special measures available to assist businesses that de-register for VAT and register for the simplified tax system.The Revenue Laws Amendment Act, 2008, which was promulgated on January 8 2009, introduces a simplified tax system for many businesses with an annual turnover of up to R1m. This system will Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-88851148847362810472009-01-19T10:59:00.001+02:002009-01-19T11:03:11.048+02:00Dotting the i’s and crossing the t’s on 2009 budget- Matthew Lester - Net AssetsIn October last year, finance minister Trevor Manuel told us all that we were still in reasonable shape to weather the global credit crunch storm.Tax collections for 2008/09 were about on target, with an anticipated overrun in individuals’ tax collections making up for what would be lost as the economy cooled off.Government expenditure would overshoot a bit, as it Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-17590378166781610602008-12-18T08:55:00.001+02:002008-12-18T08:57:45.497+02:00SARS, treasury issue detailed analysis of tax revenue data- Sanchia Temkin - Business DayA first of its kind publication by the South African Revenue Service (SARS) and the treasury is intended to provide tax practitioners, economists, taxpayers and other stakeholders with an in-depth analysis of tax revenue dataTreasury tax policy chief director Cecil Morden said yesterday that the government wanted to make the information available to as many parties Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-8435543779805795622008-12-11T10:36:00.001+02:002008-12-11T10:38:23.211+02:00Bill reverses change to company tax law- Sanchia Temkin - Business DayA SURPRISE and almost-invisible clause in the Revenue Laws Amendment Bill reverses one of the key amendments made last year to secondary tax on companies (STC) charged on dividends declared in the course of the liquidation of a company.Jackie Arendse, Wits University tax associate professor, said at the weekend that the STC exemption for distributions of capital Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-80259373643958402302008-12-02T10:05:00.003+02:002008-12-02T10:10:07.753+02:00Manuel praises dedicated finance staff- Anton Ferreira - The TimesAttention has focused in recent months on how much longer finance minister Trevor Manuel will stay in his job — but equally important to South Africa’s economic stability are the public servants who do the nuts-and-bolts work of the Treasury.Manuel said as much himself this week, calling the men and women in the Department of Finance an invaluable resource that the Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-64624470711025521252008-11-11T09:06:00.002+02:002008-11-11T09:09:30.880+02:00New VAT registration Process- PricewaterhouseCoopersSARS yesterday announced extreme new VAT registration procedures which are to be implemented with immediate effect. From Monday, 10 November, persons applying for VAT registration will have to join long queues at their local SARS office in order to undergo a physical verification process. “This could result in CFOs of listed companies and business persons from remote areasJanine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com1tag:blogger.com,1999:blog-7652596341876157883.post-10975815769948138002008-11-05T11:24:00.002+02:002008-11-05T12:05:50.814+02:00King breaks silence on Sars warsby Peter de Ionno - Business ReportDave King, whose multimillion-rand battle with the taxman has made him the country's most notorious alleged tax dodger, yesterday broke his eight-year silence, claiming that tax commissioner Pravin Gordhan had abused his powers in a personal vendetta against him.King has fought furiously to hang on to the proceeds of the controversial 1998 JSE listing and the Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-76016405896052098862008-10-22T14:09:00.000+02:002008-10-22T14:11:01.610+02:00Making sense of your IRP Part 4: Claim those tax deductionsSteven Jones - Moneyweb TaxDon't be disappointed, get the tax deductions you desire. Here's how...The previous three parts of this series have dealt with earnings codes, but deductions are also vital to get correct on your IRP5 certificate. If the wrong code is used, the South African Revenue Service (Sars) may end up disallowing your deduction.4001 / 4002 Pension fund contributions (current / Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-5065042211840121372008-10-22T14:06:00.002+02:002008-10-22T14:09:36.889+02:00Making sense of your IRP Part 3: How to make sure you get lump sum tax deductionsSteven Jones - Moneyweb TaxDid you receive a lump sum payment during this tax year? The classification code is critical.Many an objection has been submitted to the South African Revenue Service (Sars) regarding the incorrect taxation of lump sums, and often this is due to the payment being disclosed against the incorrect code. Because the tax treatment of lump sums is so varied, having them codedJanine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-10990514398681738882008-10-22T14:03:00.000+02:002008-10-22T14:06:21.128+02:00Making sense of your IRP5 - Part 2Steven Jones - Moneyweb TaxThis week we look at the fringe benefit codes on your IRP5.Now that you know what a 3601, 3605, and various other codes mean, and how they are taxed, it's time to have a look at the various fringe benefit codes, how they came about, and - most importantly - what they mean for your ultimate tax liability.3801 - Acquisition of asset. Do you remember that last major Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0tag:blogger.com,1999:blog-7652596341876157883.post-30419542550386868192008-10-22T13:52:00.002+02:002008-10-22T13:59:52.652+02:00Making sense of your IRP 5 - Part 1Steven Jones - Moneyweb TaxAll those codes and numbers determine how much tax you will pay. MoneywebTax.co.za looks at what the codes mean.Filing Season 2008 has opened, youve received your letter from the South African Revenue Service (Sars) inviting you to apply for your income tax return, and your employer has handed you your employees tax certificate (IRP5).But whereas last year you received Janine Connorhttp://www.blogger.com/profile/14894749815087735743noreply@blogger.com0