200% penalties charged on tax defaulters
The taxman is empowered by tax laws to charge penalties for a number of reasons. We will focus on instances...
Tax Interest Can Lead To Insolvency
One sad reality about tax interest is that it can exceed the principal debt and make a taxpayer insolvent. Over...
Farmers’ capital costs are normal tax expenses
Capital costs are rarely used to reduce taxable profits as they are incurred towards assets or Balance Sheet items. However,...
Reduce tax by donating to approved donees
At times helping the needy through donations does not only contribute to the good welfare of the society but it...
2.65% MPR impacts PAYE on loans
PAYE on staff loans used to be determined using the prime lending rate which was issued by the Bank of...
Associations & burial societies pay tax
More often than not, the general misconception amongst the transacting public is that an organisation that is established for the...
Never ignore tax demand notices
Tax authorities around the word serve notices on taxpayers and these notices act as a reminder of outstanding obligations or...
Trusts also Register for VAT and Income Tax
Generally, trusts are created to protect income generating assets or to ensure that property or assets are managed for the...
VAT-exempt persons pay VAT on imported services
Most businesses which are VAT-exempt believe that they must never submit any VAT returns to BURS. That sounds reasonable until...
The harsh tax garnishee order!
Generally, outstanding tax liabilities attract penalties and interest which further inflate the tax obligation. The taxman, being the authorised tax...
