Archive | September, 2018

S.Africa: Cons Court – when can an official (SARS and others) be held personally liable for damages?

Black Sash Trust (Freedom Under Law Intervening) v Minister of Social Development and Others (Corruption Watch (NPC) RF and South African Post Office Soc Limited as Amici Curiae) Case Number: CCT48/17C Citations: [2018] ZACC 36 Judge: Froneman J Judgment Date: 27 September 2018 Case History: This judgment deals with the issue of costs left open […]

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Posted in Africa, Courses, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa

S.Africa: No tax deduction for damages paid for deliberate breach of supply contract

by Cliffe Dekker Homeyr – Ben Strauss and Jerome Brink South African courts have held, on a number of occasions, that taxpayers are entitled to deduct damages or compensation paid to third parties. However, this principle does not apply in all cases. The case of Kangra Group (Pty) Ltd v Commissioner for SARS (Case number A20/18) was recently heard by […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

TP: Audits – Microsoft, J&J Tax Heads Divulge Tax Feud Strategies

Audits Microsoft, J&J Tax Heads Divulge Tax Feud Strategies Snapshot • Johnson & Johnson uses software tool to keep track of business narrative and audits • Companies should look to the future when assessing risk on tax positions: Microsoft tax counsel By Sony Kassam Microsoft and Johnson & Johnson tax officials say companies must figure out how to […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

S.Africa: Mapping out MAP processes – SARS’ new guidelines

On 25 July 2018, the South African Revenue Service (SARS) published its Guide on Mutual Agreement Procedures (Guide) as a general guidance on the Mutual Agreement Procedure (MAP), providing parameters in which competent authorities from the governments of contracting jurisdictions can interact with the intent to resolve international tax disputes. Finding the MAP MAP is […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

S.Africa: Verifications vs Audits by SARS – is there a difference?

A transcript of a Podcast by Prof. Dr. Daniel N. Erasmus Today I have been asked to talk to you about the question of verification versus audits by the Commissioner in terms of the Tax Administrative Act (TAA) for those of you obviously who are taxpayers, and from time to time, might receive notification from […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

US IRS issues first set of GILTI tax regulations

If your entity is owned by a US entity (whole or part) this will affect you and the US holding entity. US IRS issues first set of GILTI tax regulations September 13, 2018 The US IRS today issued its first set of proposed regulations on the global intangible low-taxed income (GILTI) provisions added in the […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

OECD update on country-by-country reporting for multinationals

OECD updated its guidance on country-by-country reporting for multinationals, providing clarifications to assist taxpayers and tax administration, The new guidance, approved by the “Inclusive Framework on BEPS,” a coalition of over 100 countries, aims to answer questions that have risen as the country-by-country reporting scheme has moved to the implementation phase. The OECD said in a […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

S.Africa: The High Court considers the power of SARS to issue reduced assessments

In Rampersadh and Another v Commissioner of the South African Revenue Service and Others(5493/2017) [2018] ZAKZPHC 36 (27 August 2018), the KwaZulu-Natal Division of the High Court had to consider the provisions of s93 of the TAA, where the applicant taxpayers (Taxpayers) lodged a review application. Specifically, the Taxpayers requested the High Court to review SARS’s decision […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia