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Tag Archive for Africa

Are You Dealing With South African Tax, Legal and Financial Questions?

Africa Tax Legal Financial Questions

We have good news for anyone conducting business in South Africa. One of our super smart tax experts, Dr. Daniel Erasmus recently acquired the Africa Tax, Law and Finance Hub and is offering complimentary access to the site for a limited time only.

We highly recommend you go view our tax professionals video section and scroll down to meet him in the video presentation he has on TaxConnections. If you have any business operations in South Africa, Dr. Erasmus is extraordinarily knowledgeable on the subject. Read more

New IRS Form 8971 ”Information Regarding Beneficiaries Acquiring Property From A Decedent”

Larry-Stolberg

Section 2004 of the “SURFACE TRANSPORTATION ACT OF 2015” implements new reporting or what may otherwise be called “stepped up basis conformity”, for executors to ensure basis of assets inherited by heirs of an estate is in agreement with the value determination for federal estate tax purposes.

Section 6035 of the IRC is the NEW provision that outlines the requirement to provide basis information to persons acquiring property from decedents. Domestic estates filing IRS Form 706 or 706-A, or non-resident estates filing IRS Form 706-NA are affected by the new reporting provisions. Generally filing of these returns is done where taxable estate value exceeds the requirement to file threshold. For domestic estates, the 2015 threshold is $5.43M.
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Taxpayers Rights When Audited By Tax Authorities In South Africa (Chapter 6.4)

Posted in sections, this is my Doctoral Thesis on taxpayers rights when audited by the tax authorities in South Africa – equally applicable to many English-based law systems in Africa and abroad (eg. India). This will be of particular use to any tax practitioners doing work in Africa and in other English-based legal systems around the world.

Analysis of Challenging The Commissioner’s Discretionary Powers In Auditing Taxpayers under The Constitution of The Republic of South Africa

CHAPTER 6 – THE IMMEDIATE FUTURE

6.4 REQUEST FOR RELEVANT MATERIAL, AUDIT SELECTION AND FIELD AUDIT Read more

Comments on the DRAFT OECD Handbook TP Risk Assessment

TaxConnections Picture - BooksThe above handbook was circulated for comments on 30 April 2013, setting out key suggested information how tax authorities should go about conducting transfer pricing audits.

The DRAFT was presented at a recent Africa TP Summit, which caused a bit of a scene with the South African Revenue Service authorities who stormed out of the presentation suggesting that the Professor who was presenting the content of the OECD DRAFT for delegates to take note of its details, was misrepresenting SARS. Delegates, and some later SARS officials were confused by this. But it does indicate that SARS seems to think it should not pay attention to international benchmark standards developed by the OECD, despite the fact that South Africa has observer status at the OECD, and its former Commissioner, now Minister of Finance, Pravin Gordhan was Chairperson of its Tax Administration Forum. Read more

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