PKF Tax Newsletter
Provisional Tax payment due by tomorrow
We would like to remind you again, that if you are a provisional taxpayer or a company with a February / August year end, your provisional tax payment for 2023 is due by tomorrow, 31 August 2022.
If your provisional taxes are administered by our firms, you should have received an email with your provisional tax estimate.
Should you have any queries, please do not hesitate to contact your PKF Tax relationship partner.
SARS audits, now more focused
The South African Revenue Services (SARS) has published a notification around the mechanisms they use to verify and audit corporate income tax submissions. When a taxpayer submits an annual tax return, that submission is either accepted and assessed or provisionally assessed and selected for audit.
Whether or not a tax return is selected for audit is based on an internal risk model...
Key man insurance policy tax
Some businesses take out keyperson insurance policies on the life of an employee (the keyperson) whose services contribute substantially to the success of the business, and whose death or disability will result in a loss for the business. The policy is owned and paid by the business.
Upon the loss of a keyperson, the proceeds may assist the business by enabling the business to...
Limitation on use of assessed losses
The Minister of Finance announced in the 2022 budget speech that there will be a limitation on the utilisation of assessed losses that were carried forward from previous years. The amendment will be effective for companies with years of assessment ending on or after 31 March 2023.
In the past companies were in most instances able to utilise 100% of their assessed losses ...