President Jacob Zuma Signs Bills Into Law
The following Bills were promulgated and signed on 11 January 2017 by President Jacob Zuma:
- The Taxation Laws Amendment Act;
- The Tax Administration Laws Amendment Act, 2016;
- The Rates and Monetary Amounts and Amendment of Revenue Laws (Administration) Act, 2016; and
- The Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2016.
Several changes have been made to various sections which are now applicable.
SARS Interpretation Note 92
SARS has released their Interpretation Note 92 (documentary proof prescribed by the Commissioner).
For access to the entire note, please click here
Supreme Court of Appeal – XO AFRICA SAFARIS CC v C:SARS (395/15) [2016] ZASCA 160
XO AFRICA SAFARIS CC v C:SARS (395/15) [2016] ZASCA 160: Supreme Court of Appeal case dealing with whether the supply of services are to be standard rated or zero rated in terms of section 11(2)(l) of the VAT Act, following services being supplied to a non-resident of South Africa but being supplied directly to other persons who were present in South Africa at the time that the services were rendered.”
For access to the entire case, please click here.
Supreme Court of Appeal: CSARS V Morula Platinum Mines
A Supreme Court of appeal case was ruled between CSARS and Morula Platinum Mines which determines whether certain mined ore should be included in trading stock or be classified as mining operations in terms of the deductibility of the costs thereof.
For access to the entire case, please click here.
Guide: SVDP Version 1.2
A draft guide on the special voluntary disclosure program was issued and deals with the time frame as well as the relief offered to taxpayers on international un-declared assets.
For access to the entire guide, please click here.
Donations Tax and Capital Gains Tax Consequences of the Part Waiver of a Loan and Reduction of the Interest Rate
Binding Private Ruling 252 was issued and determines the donations tax and capital gains tax consequences of the waiver of part of a loan to an employee share trust and the reduction of the interest rate on the remaining balance of the loan to 0%.
For access to the entire ruling, please click here.
Recent Ruling of Masango v RAF
Recent ruling of Masango v RAF deals with the Contingency Fee Act and how to charge VAT on fees for services rendered.
For access to the entire ruling, please click here.
Tax Court Case No: IT 13164
Recent Tax Court case 13164 gives clarity on the applicability of section 103(2) of the Income Tax Act to assessed losses carried forward.
For access to the entire case, please click here.