In December 2022, the Trust Property Control Act, no.57 of 1988 (hereinafter ‘the Act’) was amended in efforts to strengthen South Africa’s anti-money laundering and terror financing mechanisms. The amendments were predominantly aimed at increasing transparency and unveiling the warm body persons behind trusts. Consequently, extensive additional responsibilities were imposed on trustees which are concisely …
Protecting the identity of a legal entity’s ultimate beneficial owner can have a legitimate purpose, yet and unfortunately, this privilege of anonymity has been misused to facilitate, amongst other crimes, fraud, money laundering and tax evasion. In December 2022 the Companies Act, no. 71 of 2008 (hereinafter ‘the Act’) was amended in efforts to address …
Meet Brezilda van Heerden, a dynamic consulting attorney at RVN, whose day begins with a cup of coffee and a burning desire to tackle new challenges. For her, success is not a distant goal but a daily accomplishment, making the most of every opportunity that comes her way. Having transitioned from practising attorney to consulting …
New Notice of Objection rules came into effect on 10 March 2023 according to the Government Gazette 48188. Among other changes, Rule 7 “Objection against assessment” now determines that the taxpayer must deliver a notice of objection within 80 days (an extension from the previous 30 days). This allows taxpayers and tax practitioners a significantly …
On 24 April 2023, SARS announced that they have made some enhancements to the Tax Compliance Status (TCS) process, with immediate effect. Previously, SARS made provision for an Emigration TCS Pin and for a Foreign Investment Allowance (“FIA”) TCS Pin. These two applications are now, effectively, one and the same, and will be referred to …
It is important to prepare yourself for the new SARS requirements. SARS will now require third-party data from Trusts and Public Benefit Organisations. Currently, banks, financial institutions, medical schemes, attorneys, estate agents, and issuers of bonds, debentures, and financial products are required to file third-party returns to SARS. The third-party returns, containing information about a …
Condonation for the late filing of legal documentation depends on whether the interests of justice will be served by the court granting such condonation IN TAXPAYER M v CSARS (Case Number VAT1826) heard by the Gauteng Tax court, Windell, J handed down an important decision regarding the validity of a default notice (and the resultant …
