Is your disclosure “voluntary”?
Is your disclosure “voluntary”? In December 2021, the Supreme Court of Appeal (SCA) handed down a judgment dismissing an appeal against a decision of the Tax Court. The issue before the SCA was whether the South African Revenue Services (SARS) was correct in rejecting Purveyors South Africa Mine Services (Pty) Ltd’s (Purveyors) Voluntary Disclosure […]
The cost of defending a tax audit shouldn’t be a low blow!
WHAT IS TAX RISK INSURANCE? Tax risk insurance is simply the most effective protection for you and your business If you are ever selected for an audit by SARS. When you are covered by a tax risk insurance policy, your tax audit problem becomes ours, immediately. Critically for you, the cost of employing top tax […]
To deduct or not to deduct?
Section 24C of the Income Tax Act[1] (hereinafter referred to as “the Act”) allows a deduction, from income, received by or accrued to a taxpayer in terms of any contract, to finance future expenditure which will be incurred by the taxpayer in fulfilling its obligations in the performance of such contract. On 3 December 2019, the […]