OWP Partners

Congrats to Lodewyk Meyer on being recognised as Highly Regarded by the prestigious IFLR1000 , reflecting his expertise in Banking and exceptional contribution to the legal profession in South Africa. #IFLR1000 #LegalExcellence #OWPPartners

Congrats to Milton John Osborn and Andrew Wellsted on being recognised in Best Lawyers 2025! #BestLawyers #LegalExcellence #OWPPartners

The new two-pot retirement system in South Africa offers flexibility by allowing you to access a portion of your pension savings without resigning. However, it's important to understand the tax implications and long-term impact of these withdrawals. Tshegofatso Mokoena, Associate in our Tax practice, provides a comprehensive overview of the two-pot system, explaining how it works and factors to consider when making withdrawal decisions: https://lnkd.in/d5maPvwy #SARS #Compliance #TwoPotSystem #RetirementPlanning #FinancialPlanning #SouthAfrica

This article by Mariska Delport, Associate in our Tax & Commercial practice, provides an overview of SARS assessments, including types like original, additional, reduced, jeopardy and estimated assessments. Mariska also discusses SARS' obligations under the Tax Administration Act (TAA) when issuing an assessment and the notice requirements, which must inform taxpayers of their rights to dispute. Non-compliance by SARS may render an assessment invalid, offering grounds for the taxpayer to challenge it. The article underscores the importance of procedural accuracy to uphold taxpayers' rights: https://lnkd.in/dAUctb7C #SARS #TaxAssessment #TaxLaw #TAA #TaxDispute #SouthAfricaTax #OWPPartners

This article by Mariska Delport highlights challenges taxpayers face with SARS disputes, and discusses SARS’ responsibilities under the Tax Administration Act (TAA) and the Promotion of Administrative Justice Act (PAJA), focusing on verification and audit processes. The piece emphasises the need for clear communication from SARS to ensure fairness, highlighting that non-compliance with its obligations can invalidate assessments and strengthen taxpayers' rights in disputes: https://lnkd.in/d_78nfBe #TaxDisputes #SARS #TaxLaw #TaxAdministration #TaxCompliance

This article by Amanda Visser on Moneyweb discusses South Africa's significant and growing tax gap, which ranges between R300 billion and R800 billion, a sharp increase from R30 billion in 1994. At the recent South African Institute of Taxation Tax Indaba, experts debated whether continued law enforcement and additional tax amnesties could help close this gap. Keshen Govindsamy, Director in OWP Partners’ Tax practice, expressed concerns that the current administration of the Voluntary Disclosure Programme (VDP) has shifted from its original intent of encouraging taxpayers to regularise their affairs to a more revenue-focused approach. He highlighted issues with the rigidity of the process and the extended timeframes for processing applications, which can deter compliance, and emphasised the need for a balance between encouraging voluntary disclosure and effective revenue collection. You can read the article here: https://lnkd.in/dcsT3jpF #TaxProfessionals #TaxIndaba #TaxLaw #ForeignTrusts #TaxPlanning #VDP

This article by Amanda Visser on Moneyweb discusses South Africa's significant and growing tax gap, which ranges between R300 billion and R800 billion, a sharp increase from R30 billion in 1994. At the recent South African Institute of Taxation Tax Indaba, experts debated whether continued law enforcement and additional tax amnesties could help close this gap. Keshen Govindsamy, Director in OWP Partners’ Tax practice, expressed concerns that the current administration of the Voluntary Disclosure Programme (VDP) has shifted from its original intent of encouraging taxpayers to regularise their affairs to a more revenue-focused approach. He highlighted issues with the rigidity of the process and the extended timeframes for processing applications, which can deter compliance, and emphasised the need for a balance between encouraging voluntary disclosure and effective revenue collection. You can read the article here: https://lnkd.in/dcsT3jpF #TaxProfessionals #TaxIndaba #TaxLaw #ForeignTrusts #TaxPlanning #VDP

This afternoon at 15:45 at South African Institute of Taxation's Tax Indaba, Director in OWP’s Tax Practice, Nicole Paulsen shares the panel discussion on Foreign Trusts with co-panelists Creagh Sudding and Elana Nel. The session, chaired by Gasant Jacobs, discusses that foreign trusts, though complex and costly, can offer significant long-term benefits for tax efficiency and succession planning. #TaxProfessionals #TaxIndaba #TaxLaw #ForeignTrusts #TaxPlanning

Director in OWP's Tax Practice, Keshen Govindsamy will be participating in the panel discussion 'Expanding the tax base: Time for real amnesty again' at South African Institute of Taxation's Tax Indaba this afternoon at 16:15. If you're interested in connecting with him, feel free to reach out to Keshen. #TaxProfessionals #TaxIndaba #TaxLaw

That's a wrap for day one of the Cross Border Considerations for Advisors Conference in Cape Town. Andrew Wellsted of OWP Partners provided us with key take aways from today's session.