South African Revenue Service (SARS)

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Cecil Kilpin | April 2018 Newsletter

By |2018-04-18T15:21:10+02:00Apr 18th, 2018|Business, Newsletter, Tax|

SARS's Stance on The Tax Treatment of Cryptocurrencies Increased attentiveness and speculation regarding the future of cryptocurrencies has prompted calls for the South African Revenue Service (SARS) to provide direction as to how cryptocurrencies should be treated for tax purposes. However, there is an existing tax framework that can guide SARS and affected taxpayers on the tax implications of cryptocurrencies, making a separate Interpretation Note unnecessary for now. SARS will continue to apply normal income tax rules to cryptocurrencies and will expect affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income. The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued.  Failure to do so could result in [...]

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Cecil Kilpin | February 2018 Newsletter

By |2018-02-09T18:00:32+02:00Feb 1st, 2018|Goverment, Newsletter, Tax|

Budget Preview Minister Gigaba will present his first full budget speech on the 21st February 2018. This has to be one of the most important budget speeches announced post-democracy - one that could make or break our fragile economy. The scale of funding the budget deficit alone is daunting, set against a backdrop rebuilding investor confidence in “brand South Africa”. The starting point, according to the medium term budget speech, is the funding of a budget deficit in excess of R50 billion. Then Zuma’s bombshell announcement of free education has really set the cat amongst the pigeons. According to the Davis Tax Committee we would need at least an additional R60 Billion per annum to fund this. Treasury has bandied about figures of between R12 [...]

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Cecil Kilpin | June 2017 Newsletter

By |2017-06-14T11:36:30+02:00Jun 14th, 2017|Accounting, Business, Finance + Economics, Goverment, Newsletter, Tax|

Financial Intelligence Centre Amendment Bill Signed into Law Following a long delay, President Zuma finally signed the Financial Intelligence Centre Amendment Bill into law at the end of April 2017. The bill is required for South Africa to meet its international commitments with the Financial Action Task Force (FATF).The amendments to the Financial Intelligence Centre Act (FICA) 2001 are important because they allow for the Financial Intelligence Centre (FIC) to perform its watchdog role more efficiently and effectively.  The amendments enhance the FIC’s ability to generate quality financial intelligence which can then be shared with a wider range of government departments and agencies, in an effort to combat financial crimes (such as money laundering and terrorist financing).The amendments are intended to make it more difficult [...]

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