by VDT Attorneys | Sep 8, 2023 | Estate Planning, Fiduciary Accounting, Tax Advisory, Tax Compliance, Wills and Trusts
With the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) having come into full effect on 1 April 2023, SARS has updated its online income tax return system to enable SARS to intensify the verification...
by VDT Attorneys | Aug 28, 2023 | Capital Gains Tax, CGT, Estate duty, Estate Planning, Tax
The death of a person is a major event resulting in various consequences, both patrimonial, inheritance and taxation. When focusing on the taxation side of the event, several taxes come into play with proper estate planning intended to forecast and plan for these...
by VDT Attorneys | Aug 28, 2023 | Amendment Act, AML, Anti-money Laundering Amendment Act, Beneficial Ownership, Company, Trust
On 24 February 2023, South Africa was officially grey listed by the International Financial Action Task Force (“FATF”) thereby declaring South Africa to be a high-risk territory when it comes to international dealings and investments. Following a FATF report already...
by VDT Attorneys | Aug 28, 2023 | Estate duty, Exclusions, Rebates
In addition to allowable deductions and rebates in terms of the Estate Duty Act, there are also property exclusions from estate duty. For example, if a deceased person was ordinarily resident in South Africa, property acquired before becoming ordinarily resident may...
by VDT Attorneys | Aug 28, 2023 | Renewable energy, Solar, Tax Incentive
Section 12B Tax Allowance 2023 financial year Section 12B of the South African Income Tax Act 58 of 1962 (the Act) as it currently stands, provides for an allowance that is claimable on assets used by a taxpayer, for its trade, in the generation of electricity from...
