For taxpayers and practitioners, the annual budget announcements and tax amendments always have a significant impact on businesses, individuals and general tax compliance.
Join us once again for the annual update on the Budget Speech highlights and all the relevant newly promulgated and imminent tax amendments.
FREE offer: by purchasing this recording, you will be granted free access to our Income Tax Guide for Practitioners Hub - the online ProBeta Training Tax Guide for 2023/2024. If you are purchasing this recording as an individual, you will be granted access as an individual. If you are purchasing this recording as a firm, you will be granted access to all the members in your firm to which you wish to grant access. To gain access, complete the Hub Registration form included in the recording content, and send your completed details to precious@probetatraining.co.za.
• 2023 Budget speech proposals and monetary rates and amounts
• Stakeholder input on proposed amendments to legislation
• Selective amendments promulgated during 2022, becoming effective 2023:
o Retirement: Retirement and pension fund amendments (definitions and recognition conditions)
o Personal Income Tax:
Variable remuneration
Interest exemption and annual exclusion for CGT: apportionment
o Corporate Income Tax:
Contributed Tax Capital: refined provisos to return of capital
Corporate restructuring: Intra-group transactions
o Business and trading:
Debt reduction rules: assets disposed of in prior years
Deductions for credit agreements: Section 24 and lay-by agreements
o VAT:
Property developers and Section 18D
Registration of certain non-residents as vendors
o Tax administration:
The Employment Tax Incentive and the Understatement Penalty
Tax Compliance Status
Recognised Controlling Bodies with SARS
• Selective responses and decisions from National Treasury to commentary on the draft legislation published in 2022.
• Selective interpretation notes and SARS rulings issued during 2022 and 2023 that had a significant impact on taxpayers:
o Interpretation Note 91: Debt reduction
o Draft Interpretation Note 112: Section 18A and audit certificates
o Interpretation Note 124: PBO's and residential care for retired persons
o Interpretation Note 126: Dividend stripping and extraordinary dividends
o Draft Interpretation Note: Definition of Associated Enterprise
o Draft Interpretation Note: VAT treatment of debt collection
• Selective court rulings from 2022 and 2023 that had a significant impact on the tax environment:
o Tax Court: 35448: Taxpayer Z v CSARS: Deductibility of management fees and understatement penalties
o High Court:
A162/20_IT13720: AC Peter v CSARS: Estimated assessments and understatement penalties
40420/2020_17064/2021: SACA (Pty) Ltd v CSARS: Precluding SARS from conducting an audit, extension of prescription periods
o Supreme Court of Appeal:
516/2021: CSARS v The Thistle Trust: Distribution of capital gains via multiple trusts
785/2021: CSARS v Airports Company South Africa: Tax administration: amending objections during court proceedings
207/2021: Rennies Travel (Pty) Ltd v CSARS: VAT: Zero-rating of additional consideration
• Recent issues taken up with SARS by regulatory bodies on operational matters and other matters of interest.
• Registrants will receive a complimentary copy of our annual Tax Guide for 2023/2024.
Any accounting, auditing and tax professional wishing to remain updated with recent tax developments will benefit from this session.
