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Provisional Taxes

  • Help! Our provisional tax debit bounced... How can I avoid paying the penalties?
  • We received this call for help a few weeks ago, from a company (we'll call them XYZ Trading). XYZ's financial and tax year end is the last day of December each year. In December 2015, XYZ Trading's Financial Manager - Ted Jones - sat with the bookkeeper, to finalise the arrangements for the payment of the company's VAT and its provisional taxes. He wanted to make sure that everything would run... ››› more
  • [05 August 2016]
  • Use these eight easy steps to calculate provisional tax
  • Does the thought of having to calculate provisional taxes gives you headaches? Are you afraid of making mistakes that SARS will sanction later? There are solutions to any problems and closely following the right process for calculating provisional taxes is one of them. Below, we show you what to do. Use these eight steps to work out your provisional tax Step #1: Calculate your estima... ››› more
  • [11 June 2015]
  • Do casinos need to pay Vat?
  • Do you own a casino? If so, read on to find out if you have any Vat obligations in terms of the Vat Act. Betting is subject to Vat. Vat law clearly states that 'businesses which accept bets and award prizes are treated like any other business. If their annual turnover exceeds R1 million, these businesses must be registered as Vat vendors,' says the Practical Vat Loose Leaf Service. If y... ››› more
  • [27 December 2013]
  • Avoid these seven tax traps when you prepare for a tax audit
  • As FastJet airline can tell you, a tax audit is no joke. The amount of tax FastJet has to pay Tanzanian authorities almost doubled when interest and fines were added to the outstanding taxes. Here in South Africa, it's no longer a question of whether or not a business will be subject to an on-site tax audit; it's a matter of when. If your business is facing a tax audit, there are seven 'tax traps'... ››› more
  • [01 February 2013]

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