ENSafrica provides a snapshot of the latest tax developments in South Africa.
Case law:
High Court, Western Cape Division: L Taxpayer v CSARS
High Court, Western Cape Division: CSARS v Short and Another
Supreme Court of Appeal: Lion Match Company (Pty) Ltd v CSARS
SARS publications:
Interpretation note 35 (issue 4): employees’ tax: personal service providers and labour brokers
Guide on the determination of medical tax credits (issue 9)
Guide to understatement penalties
Short guide to the Tax Administration Act, 2011
Frequently asked questions: increase in the value-added tax (“VAT”) rate (issue 3)
Draft guide on the calculation of the tax payable on lump sum benefits (issue 3)
International:
The Organisation for Economic Co-operation and Development has published a new edition of the Common Reporting Standard handbook on the implementation of Standard for Automatic Exchange of Financial Information in Tax Matters
Other important developments:
The South African Reserve Bank imposes administrative sanctions on five authorised dealers in foreign exchange with limited authority
SARS publishes updated Table 3 (rates at which interest-free or low interest loans are subject to income tax in terms of the “official rate of interest”)
SARS releases media statement on the tax treatment of cryptocurrencies
