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October 2016

SARS Special Stoppers

The issue of refunds remains of great concern to all involved. (See also the SAIT Member Alert 1 September 2016). We are sending this alert once again to inform you that you are not alone in your concerns. The issue of refunds is a widespread issue, based on the myriad of complaints that we receive daily, as well as on our discussions with other key recognised controlling bodies. The most urgent concerns relate to ITR12’s, with VAT refunds being an ongoing issue.

Provided by SAIT
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My Will and Estate Planning

We never like talking about death and taxes, but ensuring that you have a valid and current will can alleviate further hardship for the loved ones whom you leave behind. In this way, some unintended consequences are avoided, not to mention the unnecessary hardship for surviving family members during an already difficult time. 

Olivier Barbeau
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Recent Developments in Terms of South African Transfer Pricing Documentation Requirements

South Africa’s transfer pricing legislation came into effect on 1 July 1995 and was followed by Practice Note 2 and Practice Note 7. These provided taxpayers with guidance on how the South African Revenue Service (“SARS”) intended to apply the legislation, including certain guidelines on transfer pricing documentation, which was largely based on the Organisation for Economic Cooperation and Development (“OECD”) transfer pricing documentation guidelines. This remained the only point of reference for taxpayers and transfer pricing service providers until recently.  

Nico Kruger
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Prioritising Risks - Inherent Versus Residual

We are often asked about the difference between inherent and residual risk ratings within the risk management process, and why this “academic” distinction is important to anyone other than a risk management practitioner or an internal auditor.

Pieter-Louw van der Ahee
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Changes in The BEE Regulation Environment

Owing to recent changes in the BEE environment, our regulating body, the IRBA, has decided to withdraw from the regulation of B-BBEE assurance services with effect from 30 September 2016. All assurance engagements entered into prior to 30 September 2016, will be allowed a transitional period of three months until 31 December 2016 to complete these engagements.

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