Synopsis October 2020
We assess the audit process and the taxpayer’s perspective in analysing the recent case of Carte Blanche Marketing CC and Others v Commissioner for the South African Revenue Service.
Synopsis
Latest edition:
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.
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.
Download the latest Tax Synopsis
Edition: Tax Synopsis - November/December 2020
Previous editions
Synopsis September 2020
We assess the extent of the VAT relief provided by Government to businesses that assist in dealing with the Covid-19 pandemic.
Synopsis August 2020
The Tax Court in Johannesburg recently handed down judgment in a dispute between a vendor and SARS (Case Number VAT 1712) in which SARS, after making a substantial refund including interest.
Synopsis July 2020
We discuss the settlement of a tax dispute, available to taxpayers in respect of which an assessment has been issued by SARS and which the taxpayer has disputed under Chapter 9 of the Tax Administration Act.
Synopsis June 2020
We look at reimagining the supply of financial services from a VAT perspective, as we analyse the recent judgement in the matter of ABC (Pty) Ltd v CSARS (VAT 1626) [2020] SARSTC. This judgment provides guidance on the principle of direct attribution and the interpretation of financial services.
Synopsis May 2020
This month in the matter of Telkom SA SOC Ltd v Commissioner for the South African Revenue Service [2020] ZASCA 19 (25 March 2020), we analyse the second dispute concerning the right of Telkom to deduct commissions paid to selling agents who signed up subscribers.
Synopsis April 2020
We analyse the recent judgement of Telkom SA SOC Ltd v Commissioner for the South African Revenue Service [2020] ZASCA 19 and we continue with our "Tax as an strategic asset" series and consider how good visualisation customised for your particular needs, can provide the intuitive edge you need.
Synopsis March 2020
This month in the ‘Tax as a strategic asset’ series we look at considerations for tax functions during the COVID-19 pandemic. We also discuss the significant challenges COVID-19 presents to people and investment funds around the globe as the disruption continues to evolve.
Synopsis February 2020
We discuss the new ‘Tax as a strategic asset’ series that focuses on the tax function as a value-added business partner. The second article in the series deals with data science in tax and how to upskill, digitalise and adapt to provide an appropriate tax narrative.
Synopsis January 2020
We discuss Tax Case No. 24643 where the Gauteng Tax Court was asked to adjudicate the adequacy of the reasons for a penalty assessment levied by SARS following an audit which resulted in the issuing of an additional assessment.
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