12 November 2008
Posted by: TaxFind™
Changes to obtain a VAT registration number
SARS has announced changes to the new VAT registration process. If you’re considering applying to be a VAT vendor,or if you will be applying on behalf of your client, you should pay attention. With the new changes, which became effective from 10 November 2008, there are now new procedures.
Tax on passive income
Individuals who receive passive income (interest, dividend or rental income) in excess of R20 000 a year will become provisional taxpayers.The change contained in the Revenue Laws Second Amendment Bill No. 81 of 2008, tabled before Parliament, 21 October 2008 is "significant”.
Changes to secondary tax on companies (STC)
Planned sweeping changes to the law on secondary tax on companies (STC) will help eliminate perceptions that South Africa’s company tax regime includes double taxation for international companies.Find out what impact and effect these new changes will have on companies.The final details of the long-awaited replacement of STC with dividend tax were announced at the beginning of November 2008.
Gambling on the Internet will now be taxed
The interactive Gambling Tax Bill, which was released for public comment by finance minister Trevor Manuel, will introduce a special tax on all interactive gambling activities.
Taxing your holiday bonus…..
How can the tax on your bonus possibly be as much as three to four times as it is on your normal salary? The answer lies in how your tax is calculated each month. Since the majority of people who are employed earn fairly fixed salaries, the monthly tax is calculated by working out the annualised taxable income, calculating the tax thereon, and dividing this figure by 12 to work out the monthly PAYE deduction. Read the rest of this article on the TAXtalk website.
Source: By TaxTalk