Tax Alert - The exchange of currency and apportionment of input tax
The Supreme Court of Appeal (‘SCA’) delivered judgment in the matter of the Commissioner for the South African Revenue Services v Tourvest Financial Services.
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Tax, VAT, customs and trade alerts
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.
In this alert:
Excon Alert - Exchange Control: Recent developments
During 2020, the National Treasury announced that South Africa’s Exchange Control regime would be replaced by a new Capital Flow Management system. This transition is intended to reduce ‘red tape’ in the case of legitimate financial flows and to introduce more robust measures to detect, deter and disrupt illegitimate cross-border financial flows. Since the announcement, the South African Reserve Bank (‘SARB’) has issued a number of Circulars that effect changes to the existing Exchange Control Regulations applicable to emigration and loop structures.
In this Alert, we explore some of the changes brought about by these Circulars.
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Excon Alert - Exchange Control: Recent developments
Previous editions: Tax, VAT, customs and trade alerts
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Tax Alert - 2021 Filing season
This Alert discusses the 2021 Filing season announcements as well as the schedule and submission requirements.
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Tax Alert - Changes to SARS eFiling
The recent changes will have a significant impact on how tax practitioners and taxpayers interact with SARS, read more here.
Download PDF - 259 KB
Tax Alert - Meal reimbursements and travel logbooks: update to Interpretation Note 14
SARS has updated Interpretation Note 14, which provides guidance on allowances, advances and reimbursements to employees.
Download PDF - 209 KB
Tax Alert - Value-added tax: the importance of contracts and VAT
A recent tax court case considered the nature of services provided by a company, read the full Tax Alert here.
Download PDF - 199 KB
Tax Alert - VAT treatment of foreign entities with branches in South Africa
A local branch of a foreign entity is set up in South Africa solely to support the business of its foreign entity, the foreign entity is required to register for VAT.
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Tax Alert - Main Budget proposals. Time to take our medicine. Budget 2021
Government will not introduce measures to increase tax revenues, and previously announced increases amounting to R40 billion will also be withdrawn.
Download PDF - 235 KB
Tax Alert - Important amendments to the Tax Administration Act, 2011
This Alert outlines the key issues arising from these amendments, and to highlight a few of the areas which may give rise to constitutional issues in the future.
Download PDF - 164 KB
Tax Alert - Value-added tax: the treatment of prepaid vouchers
This alert discusses the High Court judgment dispute between MTN Telephone Networks (Pty) Ltd and SARS in respect of the VAT treatment of prepaid vouchers.
Download PDF - 169 KB
Tax Alert - Functional link required between costs incurred and taxable supplies
In a recent judgement of the Supreme Court of Appeal, the Court introduced the concept of the requirement of a ‘functional link’ existing between the incurral of costs and the entity’s taxable activities in order to deduct input tax.
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Tax Alert - Loop structures: Tax and Exchange Control developments
This Alert is to provide an overview of the SARB Circular: South African resident individuals and companies - loop structures, effecting the Exchange Control Rules.
Download PDF - 310 KB
Tax Alert - COVID-19: the impact of the pandemic on transfer pricing
This Alert highlights the transfer pricing considerations that should be top of mind for multinational corporations in the context of a potential global recession induced by the pandemic.
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Tax Alert - The African Continental Free Trade Agreement
The purpose of this alert is to give a brief overview the African Continental Free Trade Agreement (“AfCFTA”) which comes into effect on1 January 2021.
Download PDF - 216 KB
Tax Alert - Expiry of withholding tax declarations and undertakings
This alert reminds payors of interest, royalties and dividends who rely on declarations to withhold tax at a reduced rate that their declarations have expired.
Download PDF - 75 KB
Tax Alert - COVID19 Tax Alert re foreign remuneration exemption
Brief overview of a proposal by Government to reduce the number of days of absence from South Africa required in order to qualify for the foreign remuneration exemption.
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