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Davis Tax Committee second interim report

Posted by: Ibay | Posted on: December 6th, 2016 | 0 Comments

During July 2015, the Davis Tax Committee released its first interim report on Estate Duty in South Africa.  The recommendations contained in the 2015 Estate Duty report has caused quite a stir by different interest groups. The report was followed up with a webinar sessions with Judge Dennis Davis during December 2015, whereby the judge noted that they will go back to the drawing board and release and updated report. Read More

Medium Term Budget Statement

Posted by: Ibay | Posted on: December 6th, 2016 | 0 Comments

The Finance Minister Pravin Gordhan recently presented his Medium Term Budget Statement which is a three year outlook by the Treasury of government finances. Read More

Voluntary disclosure of undeclared foreign assets in offshore trusts

Posted by: Ibay | Posted on: December 6th, 2016 | 0 Comments

Introduction
In the context of trusts situated in foreign participating jurisdictions, the Common Reporting Standards (“CRS”) require the trustees to identify the settlor, beneficiaries and other natural persons exercising ultimate effective control (including through a chain of ownership) and report the necessary financial information in respect of those persons to the relevant foreign revenue authority. In the event that the said persons are identified as residents of South Africa, the reported information will, in turn, be automatically exchanged with the South African Revenue Service (“SARS”). Read More

Wilder Lockitch Family News

Posted by: Ibay | Posted on: December 6th, 2016 | 0 Comments

Congratulations to Izel & André with the birth of their 1st baby daughter Margie. May she bring you lots of joy & happiness.

Congratulations to Martin Rossouw on his excellent exam results, passing all 5 subjects with Cum Laude. A result to be proud of!!

Common Myths regarding “Pay Now, Argue Later”

Posted by: Ibay | Posted on: September 26th, 2016 | 0 Comments

Since last year January, when the number of factors that SARS is required for take into account when considering an application to suspend the “pay now, argue later” principle was reduced from eight to five, it seems to have had an effect on the mind set of taxpayers seeking to suspend the “pay now, argue later” principle.

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