tax

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MINING REHABILITATION FUNDS - WHAT IF THEY ARE NO LONGER NEEDED? THOUGHTS ON SECTION 37A OF THE INCOME TAX ACT - BY BETSIE STRYDOM AND DUNCAN MCMEEKIN
Friday, September 09, 2011
Mining companies are obliged to perform environmental rehabilitation of mining sites upon the decommissioning or termination of mining activities. Section 37A of the Income Tax Act, 62 of 1968 (“the ITA”) aligns tax policy with environmental regulation. It regulates mining rehabilitation funds (“rehabilitation fund”) created with the sole object of applying their property for the environmental rehabilitation of mining areas and grants a tax deduction for payments made to such dedicated rehabilitation funds. Section 37A requires the assets of rehabilitation funds to be strictly utilised in accordance with their objects.

NEW COMPANIES ACT EXPLAINS WHEN A SHARE CEASES TO BE AN EQUITY SHARE - BY LIOR GOLD AND BARRY GARVEN
Monday, September 05, 2011
The alignment of the Income Tax Act, 1962, with the Companies Act, 2008, required that certain concepts be amended in order to accommodate the new company law legislation from a tax perspective. The new Companies Act has discarded concepts such as ‘par value shares’ and ‘equity share capital’ and the 2010 Taxation Laws Amendment Act has given effect to some of these changes, in particular, the definition of ‘equity share capital’ in the Income Tax Act has been replaced with a new definition of ‘equity share’.

VOLUNTARY DISCLOSURE PROGRAMME’S FINALE … AN OPPORTUNITY TO REPAIR YOUR TAX INDISCRETIONS - BY JOHAN KOTZE
Thursday, June 09, 2011
The current Voluntary Disclosure Programme (VDP) has about four months to go before it expires. While this amnesty is not as generous as its predecessors, it is certainly worth considering, because undeclared income has a way of coming to the surface and to SARS’ attention. Given that element of discomfort, it may be worth one’s while to buy some peace of mind.

VAT INPUT TAX RECOUPMENT GOVERNED BY A HOST OF REGULATIONS - BY JOHAN KOTZE
Thursday, June 09, 2011
When the word ‘recoupment’ is used in a tax context the first thought that crosses one’s mind is a recoupment of an expense claimed for income tax purposes. Yet the Value-Added Tax Act (VAT Act) provides for recoupment of input taxes under certain circumstances.

LIKE IT OR NOT, SARS; PPP’S INFRASTRUCTURE MAY BE TRADING STOCK - BY JOHAN KOTZE
Wednesday, January 19, 2011
The mini-Budget has heightened focus on Public Private Partnerships (PPPs); it is a focus that raises the issue of how, when and why PPPs incur tax. In particular, the age-old capital-versus-revenue argument has resurfaced in a PPP context.

INTERNAL TRANSFER PRICING; BE CAREFUL, VERY CAREFUL - BY JOHAN KOTZE
Friday, January 07, 2011
Transfer pricing, along with its many implications, has long been a contentious tax issue. Yet while conventional wisdom has it that transfer pricing is largely an offshore phenomenon involving related offshore parties, it frequently creates problems when it is conducted domestically.

WHAT’S IN AN ASSESSMENT? SARS NOW KNOWS…TO ITS COST - BY JOHAN KOTZE
Monday, November 22, 2010
Submitting of tax returns and being assessed are probably the two most important income tax administrative events. It is consequently important for a taxpayer to know if and when he is assessed.

YET ANOTHER AMNESTY…USE IT TO BUY PEACE OF MIND - BY JOHAN KOTZE
Monday, November 22, 2010
Yet another amnesty is upon us and, again, those who have crooked their tax can come clean. Regrettably, for those of you who did what you had to and complied, there’s nothing. Even though you declared fully and paid your tax, no vestige of appreciation is forthcoming.

TAX DISPUTES…MORE THAN ONE WAY OF SKINNING THE CAT - BY JOHAN KOTZE
Tuesday, November 02, 2010
Many aggrieved taxpayers, and SARS officials, may regard the Tax Court as the only mechanism to resolve a tax dispute. SARS’s general function is to raise assessments based on its conviction that a certain amount should be taxed. A taxpayer who disagrees with a SARS assessment may either capitulate and pay the tax, or declare a dispute via an objection and appeal process.

EMERGING FARMERS' COURT TRIUMPH OVER SARS - BY JOHAN KOTZE
Tuesday, November 02, 2010
South Africa’s embattled emerging farmers are celebrating an historic victory over the South African Revenue Services (SARS). Grain SA organises Nampo Harvest Day, which showcases many facets of agriculture.

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• Consumer Protection Act
• Proposed Labour Law Amendments
• New Companies Act
• NHI