Regulatory Update

SARS has had a busy month, issuing news of a shorter 2018 tax season, an update on Customs requirements and a reminder about changes to Value-Added-Tax.

Prospects for Property Investment in South Africa

Positive political change is good news for property in South Africa. But this has been tempered with debates over land expropriation and some jitters about the economy. We asked our Moore Stephens property team for their views on property trends and opportunities in South Africa.

Completing your VAT return for March and April where the VAT rate was amended from 14% to 15%

For supplies made on or before 31 March and subject to VAT at 14%, the VAT amount should be calculated manually and included in Field 12 in the VAT201 return which is marked as ‘other’.
Supplies made on or after 1 April are subject to VAT at 15%, the the VAT201 return will automatically calculate the VAT on consideration. The consideration must be encountered for in Field 1 of the VAT return and the 15% VAT automatically calculated in Field 4.

Regulatory update: Davies Tax Committee provides more questions than answers

The recommendations made in the final Davies Tax Committee Reports have clarified some questions relating to the general policy direction most likely to be followed by Treasury, but until these recommendations become law, they create more questions than answers and introduce unneeded uncertainty into the financial regulatory space. In other regulatory news, our team share updates on NOCLAR declarations and increases in estate duty.

Get the most out of your home office

It is well-known that sole proprietors who work from home are able to claim back certain expenses related to a home office, but individuals who are formally employed – and even those who don’t have a contract - can also claim back home office expenses, provided they can prove that these expenses were bona fide for the “more efficient performance of their duties”.

Managing risk and building resilience in an unpredictable world

Resilience may be the new corporate buzzword, but even small and medium-sized businesses can put systems in place that help them to bounce back faster from setbacks. In a world where uncertainty is the new normal and disruption is a constant threat, the best way to manage risk is to build resilience into your business – and it’s much easier than you think.

Agriculture in Africa Is Set to Become More Prominent

Agriculture in Africa is set to become more prominent, helped by a growing population and the recent signing of the African Continental Free Trade Area agreement. In the second of our two-part series on agriculture, Kim Cloete speaks to Fanus Truter, a Moore Stephens director in the Southern Cape, about prospects for farmers, boosting exports and shifting gear to keep up with new technology.

Property Developers Temporarily Letting out Residential Fixed Property

Property developers who let out residential units have been dealt a blow, as relief provided for in the VAT Act has come to an end.
In terms of current legislation where a VAT vendor acquires assets for the purpose of making taxable supplies and this application changes, whether it be a periodic or permanent change, they are required to make a change of use adjustment and effectively repay to SARS the input tax they would have previously claimed.

Spotlight on Transfer Pricing, Says Finance Minister

It was indeed a relief that we had a budget speech as scheduled and without major disruptions. Although not being the main focus point of the post budget media discussions (the increased VAT rate won that prize), there is a strong emphasis in the budget proposals on increased enforcement of rules and regulations governing transfer pricing and cross border transactions, that may result in profit shifting.

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