Bribes, penalties, and fines: Don’t expect help from SARS
Deductions are disallowed under Section 23(o)—but it’s not quite cut and dried… the meeting went on longer than you expected, and now you’re rushing to get to your next appointment. It’s a new client, and a successful deal will be lucrative both for your company and this month’s commission cheque. But not five minutes after […]
The imposition of understatement penalties
The Supreme Court of Appeal (“ZASCA”) delivered a judgment[1] on 26 February 2019 on the imposition of understatement penalties as provided for in the Tax Administration Act[2]. In this case, the taxpayer paid provisional income tax (“IT”) of R13.8 million to the South African Revenue Service (“SARS”) for the 2011 to 2014 years of assessment. […]