Tax law

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So, you owe the taxman?! For how long can you be held liable?

Introduction One of life’s few certainties is the payment of taxes. Bearing that in mind, we should ensure that we never find ourselves in a predicament to have an outstanding account with the taxman in the first place, which of course, is sound advice. In cases of liquidation, we know that the South African Revenue […]

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tax compliance status

The revocation of tax compliance status

In the recent decision of Red Ant Security Relocation and Eviction Services (Pty) Ltd v Commissioner for the South African Revenue Service the Pretoria High Court found that SARS had failed to follow due process in revoking tax compliance status in terms of the Tax Administration Act (“the TAA”). The Applicant in the matter sought […]

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Short summary of the Budget Speech 2018

As most South Africans are aware, the national Budget Speech for 2018 was held on 21 February 2018. After quite a lot of turmoil in Government, and the election of a new President, everyone eagerly awaited the Budget Speech this year for some positive economic news. So, what are the important things we need to […]

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South African Commercial law: Venture capital companies in terms of section 12 – an introduction

One of the main challenges to the growth of small and medium-sized businesses is access to finance. To assist, South African Commercial law has evolved and Government has implemented a tax incentive for Investors in these enterprises through a venture capital company (“VCC”) regime. From 1 January 2009, in terms of Section 12J of the Income […]

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What is a bona fide inadvertent error?

Section 222 (1) of the Tax Administration Act (the “TTA”) provides that where there has been an understatement, the taxpayer must pay the understatement penalty determined unless the understatement resulted from a bona fide inadvertent error. In terms of Section 221, an ‘understatement’ means any prejudice to SARS in respect of a tax period as […]

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