Cryptocurrency transactions

In South Africa, as with most other countries around the world, there is no guidance and regulation regarding cryptocurrencies such as Bitcoin. The Budget Review 2018 (Budget) proposes that the income tax and value-added tax (VAT) legislation be amended to deal…

Amendments to the taxation of debt restructures

Since 1 January 2013, section 19 of the Income Tax Act, 1962 (the “Act”) and paragraph 12A of the Eighth Schedule to the Act (the “Eighth Schedule”) have determined the tax implications where a debt owing by a taxpayer is cancelled, waived, forgiven or discharged…

The “PITfalls” identified by SARS’ 2017 Tax Statistics

National Treasury and the South African Revenue Service released the 10th annual edition of the tax statistics for South Africa on 12 December 2017. The document provides data on the key trends in tax revenue collections and highlights the role the tax system plays…

Fiscal pressure – Tax hikes are not the solution

South Africa suffers from a trifecta of social challenges, namely: inequality, poverty and high levels of unemployment. This, when coupled with the state of economic stagflation, rampant government expenditure and bureaucratic paralysis is creating unprecedented…

FICA amendments: What you need to know

What is FICA? FICA is an attempt by South Africa to conform to international standards set by the Financial Action Task Force (FATF) requiring financial and other entities to know the customers they provide services to (i.e. Know-Your-Customer (KYC) or Customer…

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