Monthly Tax Update: April 2020

Overview

Staying up-to-date and relevant has always been critical for success.  

Join Professor Jackie Arendse who will share an overview of the most important recent legislation, recent judgements and recent SARS documents.  Although the month of April is spent in lockdown, a lot has happened in the tax arena.  It is important to stay abreast of developments to best advise and assist clients and manage your business effectively.

This webinar promises to be very interesting and will cover, inter alia, the following important recent developments:

Recent legislation

National Legislation – COVID-19 Draft Tax Bills

• Following the media statement issued by the Minister of Finance on 29 March 2020 on Tax Measures to Combat the COVID-19 pandemic, the National Treasury and the South African Revenue Service (SARS) published the following for public comment:  
• Draft Disaster Management Tax Relief Bill, 2020;
• Draft Disaster Management Tax Relief Administration Bill, 2020;  and
• Draft Explanatory Memorandum on the Disaster Management Tax Relief Bill, 2020

Recent judgments

• Telkom SA SOC Limited v The Commissioner for the South African Revenue Service (Case no 239/19)  [2020] ZASCA 19 (25 March 2020)
  • Section 24I of the Income Tax Act deals with foreign exchange gains or losses.  Specifically the proviso to section 24I(10) is questioned.
  • Diageo South Africa (Pty) Ltd v Commissioner for the South African Revenue Service (330/2019)  [2020] ZASCA 34 (03 April 2020)
  • Interpretation of section 8(15) of the Value Added Tax Act.  Focusing on the deeming provision, in the form of a single supply of advertising and promotional goods and services to non-resident entities.  
  • Marais N.O. and Another v Maposa and Others (642/2018)  [2020] ZASCA 23 (25 March 2020)
  • Matrimonial Property Act 88 of 1984.  The question is asked whether a donation of the asset of a joint estate requires consent of spouses in terms of section 15(3)(c).  Where consent has not been given, the question arises whether consent is deemed to have been given in terms of section 15(9)(a).

Recent SARS documents

• nterpretation Note 47 (Issue 3 & 4) – Wear-and-tear or depreciation allowance
• Binding General Ruling (BGR) 7 (Issue 3) – Wear-and-tear or depreciation allowance
• Binding General Ruling (BGR) 14 (Issue 3) – VAT treatment of specific supplies in the short-term insurance industry
• Binding General Ruling (BGR) 52 – Timeframe for the export of goods by vendors and qualifying purchasers affected by the global COVID-19 pandemic
• Draft Interpretation Note – Value-added tax consequences of points-based loyalty programs
• Draft Interpretation Note – income Tax: Taxation of amounts received by or accrued to missionaries

Dates

• 19 May
• 23 June
• 21 July
• 18 August
• 22 September
• 20 October
• 24 November

Presenter

Professor Jackie Arendse 

PhD MTP(SA) Chartered Accountant (SA)

After completing her training at Deloitte and qualifying as a Chartered Accountant, Jackie was Group Financial Accountant for a top-100 listed company before moving to academia where she has authored, lectured and researched on all aspects of tax for more than 20 years.

She served as Project Director: Tax at the South African Institute of Chartered Accountants (SAICA) between 2004 and 2006, managing relationships with key stakeholders (especially SARS and National Treasury), enhancing SAICA members’ tax competence and representing SAICA in discussions with Government on tax policy and legislation.

Jackie was Head of the School of Accountancy at Wits University from 2009 until 2013 and has been Head of the Department of Accounting at Rhodes University since July 2014.

Jackie has presented tax seminars and webinars to tax practitioners and businesses around the country for many years and has authored numerous books, articles and publications in the field of taxation including Silke on South African Income Tax. She is the managing author of Silke on Tax Administration, published by LexisNexis and updated annually.

She is involved in an exciting new collaboration with The Tax Faculty to digitise tax training materials.

CPD

This webinar and successful completion of the online assessment will secure 2 hours verifiable output TAXCPD points/units.

Event Investment 

Free for all 2020 CPD subscribers.

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