Provisional tax effects all corporate taxpayers since it is the mechanism used to collect income tax during the course of the year. Provisional tax payments are based on estimates of taxable income to be made by the taxpayer. The requirements for these estimates are contained in paragraph 19 of the Fourth Schedule. Interpretation Note 1 (IN1)Read more about PROVISIONAL TAX ESTIMATES[…]
One of the more significant changes that the “new” Companies Act, 71 of 2008, brought about was that a company may now provide financial assistance to prospective shareholders to subscribe for shares in that company. In other words, it may lend persons money to enable them to subscribe for shares in the lender (although otherRead more about FINANCIAL ASSISTANCE AND THE COMPANIES ACT[…]
Some controversy surrounds one of the most significant amendments that would have been effected by the Taxation Laws Amendment Act, 25 of 2015, and the Tax Administration Laws Amendment Act, 23 of 2015, being how retirement type funds would have been taxed in future. This includes both the taxation of proceeds from funds, as wellRead more about REFORM ON THE TAXATION OF PENSION FUNDS[…]
Salary sacrifice schemes are popular in practice. Typically, they involve employers paying a decreased salary to their employees, with an added fringe benefit to make up for the lost ‘cost to company’ sacrificed by the employee to obtain the benefit. For example, an employee may prefer to enter into a salary sacrifice with his/her employerRead more about SALARY SACRIFICE SCHEMES – LATEST JUDGMENT BY THE SUPREME COURT OF APPEAL[…]