PKF Tax Newsletter
Tax Court highlights the tax risks of deducting "Management Fees"
The general deduction formula contained in sections 11(a) and 23(g) of the Income Tax Act, 1962 (“the ITA”) allows for the deduction of expenditure and losses from the income of a person if they have been incurred in the production of income. More specifically to this article, management fees are amounts payable by persons in respect of management or similar services rendered and may be deducted as expenditure should...
Be Vigilant - SARS warns of an influx in phishing attempts
SARS has reported on an influx of phishing attempts by fraudsters impersonating SARS. This has resulted in taxpayers unwittingly providing them with personal information which is used to defraud both the taxpayer and SARS. The most common method of communication is via email which may contain links that a person is required to open. The links are commonly marked as “Outstanding Debt”, “Final Demand” or anything that will compel a person...
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