B2B Central

Tax

09 Jun 2021

Why SARS should be more clear on tax compliance for cryptocurrencies

By Staff Writer

It has been more than three years since SARS’s media statement on cryptocurrencies. In this statement, SARS said that it would apply “normal income tax rules” to cryptocurrencies when assessing whether a gain is revenue or capital in nature, and that crypto assets are not seen as currency for income tax purposes.
07 Jun 2021

Potential tax deductions available for employees making use of home offices

By Staff Writer

For many employees in South Africa, remote working as a result of the COVID-19 pandemic has become the new normal and as a consequence, more people are establishing and making use of home offices in order to accommodate the demands of their employment.

25 May 2021

Non-compliant expats in Africa headed for tax showdown with SARS

By Staff Writer

South African expatriates who ignore their tax obligations will soon find themselves in hot water with SARS. “They need to urgently review their compliance status with an expatriate tax specialist or risk a major personal financial crisis,” warns Jashwin Baijoo, Legal Manager, Africa Tax and Compliance at Tax Consulting South Africa.
19 May 2021

Expats: Are you paying tax to the wrong authority?

By Staff Writer

South Africans have always been keen to work and live abroad, and this trend looks set to strengthen as the country’s political and economic fortunes remain precarious.A recent study shows that even with the rise of digital working, 59% of South Africans (56% of young people and 61% of highly educated people) are willing to relocate.
11 May 2021

A remuneration model made for COVID-19

By Staff Writer

In a COVID-stricken economy, employee motivation and productivity are being hampered by salary cuts and reduced working hours. “Employers are looking for innovative remuneration solutions that will inspire their workforce while preserving their own constrained finances,” says Tanya Tosen, Tax and Remuneration Specialist at Tax Consulting South Africa.
10 May 2021

Handle your retirement savings with care

By Staff Writer

2020 was the year of the retrenchment and unfortunately, 2021 may not fare much better as the world continues to fight the effects of Covid-19. The latest Statistics SA Quarterly Labour Survey found that the number of unemployed persons increased by 701 000 to 7.2 million in the fourth quarter of 2020.
10 May 2021

Cryptocurrencies: Are you aware of the tax implications?

By Staff Writer

Along with the rest of the world, South Africans have shown an appetite for cryptocurrencies. While the size of the market remains unclear, Coinmarketcap gives a figure of $210 billion for the global market, and approximately R6.5 billion for the South African market.
29 Apr 2021

Getting your tax affairs in order before emigrating

By Staff Writer

If the Covid-19 pandemic has shown us anything, it’s that it is possible for us to work productively from anywhere. Growing numbers of South Africans are taking the opportunity to either emigrate, or at least relocate to a different country, to experience a different lifestyle and explore new opportunities.
23 Apr 2021

SARS keeps tabs on SA’s brain drain

By Staff Writer

South Africa has experienced a large brain drain over the past few years with many skilled South Africans emigrating. However leaving South Africa doesn’t mean you can forget your relationship with SARS. “No matter where you decide to live, you are still obligated to declare your worldwide income every year to SARS and pay tax on it for so long as you have not formalised your non-tax residency with them,” says Reabetswe Moloi.
14 Apr 2021

What emigrating taxpayers need to know in 2021

By Staff Writer

South Africans emigrating to greener pastures may be prevented from leaving the country - or worse - if their application for tax clearance is denied by SARS. Recent changes to expatriate tax procedures and SARS’ dramatically improved auditing capabilities mean the exit process is more stringent than ever.
01 Apr 2021

SARS reports better-than-expected tax revenue collections

By Staff Writer

The South African Revenue Service (SARS) today announced its preliminary revenue results outcome after a year of National COVID-19 lockdown regulations."The extra out-of-ordinary pandemic circumstances changed the economic landscape and the way SARS operates to collect the tax revenue due,"SARS says in a statement.

30 Mar 2021

The ‘Work from Anywhere’ double tax headache for South Africans

By Staff Writer

As the new workforce continues to work “anytime and anywhere” during the current COVID-19 pandemic, organisations and employees are faced with unexpected challenges in relation to tax, legal and compliance considerations.