Mining Leases At Sars

Tax implications for the lessee: operating lease vs ...

Oct 26, 2015· When dealing with lease agreements care should be taken to determine whether the agreement refers to a finance lease or an operating lease for tax purposes. For income tax purposes, the lease payments of both a finance lease and an operating lease are deductible under section 11(a). The underlying asset is therefore not capitalised for […]

IFRS 16 and how it affects financing transactions

The new lease accounting rules will affect most companies that report under the full IFRS and will have a significant impact on those with large operating lease portfolios (such as some of those ...

Zimplats hands over disputed land to Zim government | Fin24

The two mining leases issued to the operating subsidiary are valid for the life of mine of Zimplats’ mining operations, and they secure the operating subsidiary’s mining tenure. The platinum mining sector in Zimbabwe has been attracting new investors ,with South Africa’s Tharisa Minerals also eyeing a stake in a $4.2bn platinum mine.

IFRS 16 Leases vs. IAS 17 Leases: How the lease accounting ...

IFRS 16 Leases vs. IAS 17 Leases: How the lease accounting changed. by Silvia . IFRS Accounting, IFRS Summaries, Leases, Most ... I appreciate the effort you have made and for clarifying a lot of misconceptions of mine. And now I need to know about how IFRS 16 deals with the sale and lease back sceneries. Can you help here as well? Reply.

EXTERNAL GUIDE SOUTH AFRICAN REVENUE SERVICE ... - …

EXTERNAL GUIDE SOUTH AFRICAN REVENUE SERVICE PAYMENT RULES - GEN-PAYM-01-G01 REVISION: 28 Page 6 of 9 4.4 PAYMENT OPTION 4 – PAYMENT AT A SARS CUSTOMS BRANCH OFFICE a) Custom payments can be made at any SARS Customs branch office.

Deloitte Tax Mining Services

Deloitte Tax: Where mining tax challenges are met Deloitte tax understands the complexity that is ... documentation which satisfies the requirements of SARS and is readily ... rms each o hich is a legall searate an ineenent entit lease see eloittecomaot or a etaile escrition o the legal

1168. Recoupment of allowances and scrapping - SAICA

1168. Recoupment of allowances and scrapping April, 2004 Included in the recent amendments to the tax legislation are significant changes to the treatment of the effects of disposing of assets. These encompass recoupments of allowances previously claimed, capital …

s11(g) Leasehold Improvements Calculator | TaxTim SA

s11(g) Leasehold Improvements Calculator Work out your Leasehold Improvements over time. Let TaxTim help you submit your ... Let Tim submit your tax return direct to SARS in just a few clicks! Get started. If you lease a building, and are entitled to do renovations to it in terms of your lease agreement, then for tax purposes you can deduct the ...

TAX GUIDE 2017|2018

by the company paying the dividend and then paid over to SARS on behalf of the taxpayer. This withholding dividend tax is a final tax. Vesting of equity instruments Section 8C taxes gains and allows a deduction in respect of a loss made in respect of the vesting of any equity instrument which was

Tax Chronology of South Africa: 1979–2015

(SARS) publishes information on the South African tax system in various documents, no previous supplement of this nature has been published by the South African Reserve Bank (the Bank) before. This supplement provides an overview of the current and historical rates for various taxes, duties and levies collected by SARS.

Tax Statistics – Highlights

6 2015 Tax Statistics HIGHLIGHTS HIGHLIGHTS ECTIONS 6 Tax register, 31 March 2011 - 31 March 2015 31 Mar 2015 Relative composition of main sources of tax revenue, 2010/11 - 2014/15 In addition to tax revenue, SARS collects Mineral and Petroleum Resources Royalties (MPRR) as well as Mining Leases and Ownership which are included in non-tax revenue.

IFRS 16 Leasing Assets | Financial Service | Deloitte ...

The new lease accounting standard – IFRS 16 – will bring all leasing assets on-balance sheet, which may significantly affect companies’ key performance indicators, loan covenants and regulatory capital requirements. With the looming effect of the new leasing standard around the corner ...

Search for Mines, Properties, Mineral Leases, Claims and ...

Widespread occurrence of Cu-Pb-Zn-Ag mineralisation centred on a cluster of historical mine sites; ... Four mining leases and a 65 square km of Exploration Permit for Minerals covering the area of interest. Gold easy to recover with brand new 100 tph trommel plant. Gold up to 98% fine.

Benhaus Mining (Proprietary) Limited v Commissioner of the ...

“Since the right to mine precious stones and precious metals vests in the State and since all those who wished to undertake these activities must obtain a lease from the State it can be said that the major portion of mining conducted in South Africa is on a ‘contract’ basis. Quite obviously lessees mining in these circumstances are ...

VAT and income tax on leases - Accounting Weekly

Sep 05, 2017· The first article in this series on leases discussed the classification of lease agreements as finance leases or as operating leases in terms of the IFRS for SMEs.The next two articles and explained and illustrated the accounting treatment of finance leases and of some common operating leases. The fourth article discussed the classification of leases for VAT purposes and contrasted it to ...

EXTERNAL GUIDE SOUTH AFRICAN REVENUE SERVICE …

EXTERNAL GUIDE SOUTH AFRICAN REVENUE SERVICE PAYMENT RULES GEN-PAYM-01-G01 REVISION: 20 Page 3 of 15 1 PURPOSE This document details the payment rules that must be adhered to when paying the South African Revenue Service (SARS), to ensure accurate payment allocation.

EY - IFRS 16 Leases - Industries - EY - South Africa

Metals and mining entities will need to carefully consider all major arrangements that they have entered into that may give rise to on balance sheet lease accounting under the new leases standard, such as mining equipment, vehicles as well as land and buildings. Mining entities often enter into arrangements that contain a lease (previously ...

General Deductions - taxstudents.co.za

* SARS allows interest expense to be set off against income (up to 0) - Continuity (Not always essential) ... a lease of an asset which produces income, fishing/mining license * No single test (Use case law) > If an expense is incurred for revenue and capital purposes, then the expense must be APPORTIONED!

Depreciation allowance table - The Forum SA

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Australia Mines For Sale - MineListings.com

Complete List of Claims, Mineral Properties, Deposits & Mining Projects For Sale in Australia . Lease, Option, & Joint Venture Available.

EM Royalty Bill 2008 - 20 Aug 2008 - treasury.gov.za

of mineral resources, the right to undertake exploration and mining operations, environmental and safety concerns relating to mining operations and State mining lease payments (where applicable). The MPRDA brings South Africa’s mining legislation in line with prevailing international norms. All mineral rights will henceforth vest with the ...

Billions in mining royalties intended for the poor ...

One of the aims of the Mineral and Petroleum Resources Development Act (MPRDA), which came into effect in 2004, was to uplift poor communities whose land was being used for mining. The Act makes provision for lease agreements between mines and mining communities, who are to receive royalties for these leases.

SARS Academy Status Report - norad.no

In 1918 the Mining Leases Board was established as a statutory body which developed the sliding scale lease formula which operates to tax a mine on a sliding scale, which is directly linked to the profitability of the mine Overview of regulatory structure The Minister of Finance (through the National Treasury) sets tax policy and is responsible ...

2015/2016 - Welcome to Go Legal

• visit the SARS website at www.sars.gov.za; or • contact your own tax advisor or tax practitioner. Comments on this guide may be sent to . [email protected] . Prepared by . Legal and Policy Division . SOUTH AFRICAN REVENUE SERVICE . 21 April 2016. Taxation in South Africa . 2015/16 ii

The Taxation of South African Mining and Prospecting ...

Nov 28, 2013· Until such time, mining and prospecting companies and their shareholders should take advice from their mining tax advisors when faced by challenges by SARS or making investment decisions, where the types of taxes and the quantum thereof, due to inter alia the complexity thereof, no doubt plays a significant role.

Operating Lease Definition - Investopedia

Jun 25, 2019· Operating Lease: An operating lease is a contract that allows for the use of an asset, but does not convey rights of ownership of the asset. An operating lease represents an …

Mineral and Petroleum Resources Royalty - sars.gov.za

Jun 18, 2019· SARS rolled out a new form for Mineral and Petroleum Resources Return and Payment advice. The form is available to download from 01 October 2018 and the existing MPRR taxpayers will be expected to complete the new MPRR return and payment data form: ... mining permit or production right or a lease or sublease in respect of such a right; or; Any ...

Taxation in South Africa - Wikipedia

Taxation in South Africa. ... The South African Revenue Service (SARS) is responsible for the collection of taxes within the Republic of South Africa. The mandate and vision of the South African Revenue Service, quoted from their website, is to: ... Taxes on mining leases and ownership are calculated at different rates for the various mining ...

IFRS 16: The leases standard is changing - PwC

(acceleration of lease expense relative to the recognition pattern for operating leases today). t Entities leasing ‘big-ticket’ assets – including real estate, manufacturing equipment, aircraft, trains, ships, and ... IFRS 16: The leases standard is changing – are you ready? | PwC.