Tax Alert - February 2015

We provide a wealth of publications by PwC South Africa providing informed commentary on current developments in the tax arena, both locally and internationally. Through analysis and comment on new law and judicial decisions of interest, they assist business executives to identify developments and trends in tax law and revenue practice that might impact their business.

Interest deduction limits on debts owed to nonresidents

Section 23M of the Income Tax Act, which provides for interest deduction limitations on debts owed to persons not subject to SA tax, became effective on 1 January 2015 and applies to interest incurred on or after that date. In what follows, two aspects of the new provision is highlighted, i.e. the future interaction with withholding tax on interest and adjustments of the formula.

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Tax Alert 2015
 

Special relief period extended to residential property developers

The special relief period provided to residential property developers for temporary letting of residential properties has been extended to 1 January 2018

Relief provided to residential property developers in terms of section 18B of the Value-Added Tax Act 89 of 1991 (VAT Act) has been extended for an additional three year period to 1 January 2018.

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VAT Alert 2014
 
VAT Alert 2013
 
VAT Alert 2012
 
VAT Alert 2011
VAT Alert 2010
VAT Alert 2009

An Overview of the Dispute Settlement of the World Trade Organization

In light of increasing trade tensions between South Africa and other partners, notably the European Union, this alert seeks to inform relevant stakeholders of the WTO dispute settlement procedures, as well as the effectiveness of addressing the differences between two WTO members ('WTO members' is the term of art given to the countries that are members of the WTO, such as South Africa and the EU) within the mechanism provided under the WTO.

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Trade Alert 2013
 

On-Site Verification: Be aware of the potential impact on your business

The South African Revenue Service's Customs National Audit team has developed and is deploying an intensive information gathering exercise whereby detailed information is sought regarding the respondent's business. This on-site verification process is a precursor to the implementation of the revised Customs and Excise Act, 1964 ("the Customs Act") anticipated to be made effective in the third quarter of 2010. With greater emphasis on Customs' clients being selfcompliant, the National Audit Team appear to be preparing for the implementation of this new legislation by enhancing the customs to business interactions.

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Customs Alert 2010
 
Customs Alert 2009