UKnow Editorial – Nov 2018

The countdown to the end of the year has begun, with around 6 weeks to go until a well-deserved summer break for most. Many of us are feeling the pressure to get everything done before the holidays!

International transactions are becoming a common occurrence for businesses and individuals. However, with these transactions people often forget the related international tax and exchange control implications. As our world becomes a global village, especially with e-commerce being so accessible nowadays, this is something that needs to be taken into account and planned for. Failure to do so can result in dire consequences. Be mindful of this when dealing with any transaction outside the borders of South Africa.

The SARS filing season for non-provisional taxpayers ended on 31 October and the preliminary results have been published by SARS. The filing season was shorter than in previous years, but it seems that the results improved from last year. The next filing deadline is 31 January 2019 for the 2018 income tax returns for provisional taxpayers.

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Warm regards until next month.

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