Search results for

The general principle in South Africa is that interest on funds borrowed to buy shares is not tax deductible. However, section 24O of the Income Tax Act provides an exception by deeming interest incurred on a loan to acquire shares in a resident 'operating company', as defined, to be incurred in the production of the income of that taxpayer, and hence tax deductible (subject to certain interest limitation provisions).

I've never been one for fine dining. Don't get me wrong, I love flavour, freshness and fancy food, but to be honest I find myself in the same boat as the tax authorities. Something can be intricately and expensively assembled and put in front of me ever so politely, but what I really crave at the end of the day is substance.

In December 2017, US President Donald Trump signed the Tax Cuts and Jobs Act (TCJA) which became effective immediately. Oliver Wehnert and Christian Ehlermann of EY explore the tax consequences for Germany.

As the US has tried to ‘level the playing field’ with the Tax Cuts and Jobs Act enacted in December 2017, coupled with additional complexities and subjective interpretations around the world, it is time to reflect upon legal entity simplification.

The South African Revenue Service (SARS) has been rocked by scandals over allegations of corruption, leaving the future of Commissioner Tom Moyane and the credibility of the tax authority hanging in the balance. Experts wonder if taxpayers can still trust the SARS.

US tax reform has raised new challenges for investors looking to manage their tax liabilities. Josh White looks at how the landmark reforms have influenced tax planning across the Americas.

This isn’t the first time the UK has considered making changes to the audit market The UK government is considering changes to the UK audit market in light of the Big 4's dominance. At the end of March, Grant Thornton opted not to bid against the Big 4 for auditing contracts of FTSE 350 companies, heightening calls for a shake-up.

A recent judgment of the Spanish Supreme Court may bring to an end the discrimination suffered by residents of third countries (not belonging to the EU) who receive inheritances or gifts in Spain and are paying a higher Spanish inheritance tax than residents of Spain or of the EU. The Supreme Court judgment, rendered in February 2018, ordered the Spanish government to indemnify the taxpayer (a Canadian resident who received the inheritance from his mother, resident in Spain) with the difference between the tax he paid on receiving that inheritance, and the tax he would have had to pay if the relevant autonomous community legislation (which allows tax benefits to be claimed that reduce the tax for Spanish and European residents) had been applied to him, together with late-payment interest.

The Ministry of Finance is continuing on its path towards limiting VAT gaps and eliminating VAT fraud through the digitalisation of tax settlement procedures. The process began in July 2016 with the introduction of standard audit files for tax (SAF-T) into Polish tax law. To begin with, only some VATpayers (so-called large-scale entrepreneurs) were obliged to prepare and submit SAF-T filings containing data on VAT sales and purchases. Eighteen months later, from January 1 2018, the obligation to prepare and submit SAF-T filings applied to all active VATpayers (excluding those who perform only VAT-exempted activities). SAF-T filings in Poland have to be submitted monthly, no later than the 25th day of the month following the month to which the file refers. This is also the case for taxpayers who are submitting VAT returns on a quarterly basis.

On March 12 2018, Serbia joined the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) in order to combat tax evasion through international tax cooperation.