A trust refers to a legal arrangement that allows someone to hold assets, without ownership, for the interest of the people for whose benefit the trust is administered. There are two main types of trusts: A trust between living persons,…
Customs clearance is a critical step in importing and exporting goods in South Africa because it ensures that the appropriate taxes and duties are calculated and adhere to the regulations set by the government. This segment will examine the required…
Falling into business rescue is challenging and complex, with far-reaching implications for various stakeholders. In our previous blog, we looked at what business rescue means and how it impacts stakeholders. In this segment, we'll discuss the operational challenges and guide…
In the complex and dynamic business world, even the most well-established companies can face financial distress and operational challenges that threaten their survival. Business rescue is a legal mechanism that offers a lifeline to struggling businesses. The process aims to…
The Voluntary Disclosure Programme (VDP) was strategically implemented to allow individual, company or trust taxpayers to regularise and remain compliant in their tax affairs. SARS encourages taxpayers to voluntarily disclose their neglect under the VDP to avoid penalties and criminal…
What is AI? Artificial intelligence (AI) refers to the science that simulates human intelligence in machines, thus enabling them to think and learn as we do. The aim is to allow machines to perceive, reason, judge and make decisions in…
Section 13 or s13 of the Income Tax Act refers to the tax advantages that property investors can claim on their buy-to-let property. Section 13quin or s13quin refers to buildings such as office buildings, retail stores and warehouses used for…
Employment Equity broadly refers to workplace implementations to avoid employment barriers, fix past discrimination, prevent future obstacles and improve access to fair work by members of all levels and occupations in the workforce. The Employment Equity Act, enforced by the…
SARS has implemented several updates for the upcoming Personal Income Tax (PIT) Filing Season. Firstly, the 40 Business Days Rule for amending auto-assessments has been aligned with the normal filing due date, which is now set for 23 October 2023…
The tax season for individuals is drawing near, and due to the submission influx at the start of the season, SARS has started early with their notifications. The 2023 tax return filing dates are outlined for individuals who: File online…