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Synopsis Tax today - November/December 2020

A monthly journal, published by PwC South Africa, that gives informed commentary on current developments in the tax arena, both locally and internationally. 

Through analysis of and comment on new laws and judicial decisions of interest, Synopsis helps executives to identify developments and trends in tax law and revenue practice that may affect their business.

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In this edition:

Following its introduction by the Minister of Finance on 28 October 2020, the Taxation Laws Amendment Bill, 2020 (‘the TLAB’), was passed by the National Assembly on 17 November. One of the significant amendments proposed by the TLAB is to section 46 of the Income Tax Act, which deals with the tax treatment of unbundling transactions. We analyse the reasons for these proposed amendments and the potential impact thereof.  

In our final instalment of the employment tax chronicles, we discuss structuring of employee benefits during difficult times and the related tax implications. No specific relief was provided in respect of allowances or expenditure for work-from-home arrangements due to the pandemic. Therefore, the existing tax provisions need to apply to these types of expenses and situations.

With a disrupted year of business activities and the negative impact on revenue collections, taxpayers now more than ever, need to be vigilant, proactive and organised when it comes to understanding their tax affairs and dealing with SARS. One such revenue collection mechanism increasingly used by SARS is the issuance of letters of demand to taxpayers. Such outstanding tax debts do not need to be new/recent tax debts but can span over a period of years. We discuss the remedies available to taxpayers to mitigate or suspend collection steps by SARS.

Read more on this and other matters in the latest Synopsis below.


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Edition: Tax Synopsis - November/December 2020

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Al-Marie Chaffey

Al-Marie Chaffey

Senior Manager , PwC South Africa

Tel: +27 (0) 11 797 5644

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