We at Fincor believe that the individual client has the freedom to choose, and therefore we provide our clients with a variety of financial, accounting, tax and bookkeeping services, products and solutions so as to ensure the future wealth and prosperity of their business.
We at Fincor believe that the individual client has the freedom to choose, and therefore we provide our clients with a variety of financial, accounting, tax and bookkeeping services, products and solutions so as to ensure the future wealth and prosperity of their business.
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Facts for Corporate Income Tax are given below. Between 1 April 2019 and 31 March 2020 the tax rate applicable for corporate income of both resident and non-resident companies for tax years ending is 28%. Small business corporations (i.e. companies with only natural persons as members/owners and with gross income…
Have you ever wondered what SARS’ official functions may be in terms of legislation? Collection of Income Tax is merely one aspect everyone is aware of. SARS is the only organ of state that is entrusted with the administration of national revenue legislation. In terms of section 4 of the…
Payment of taxes is often a sensitive topic to discuss and everyone at some stage is obligated to pay their fair share. For the sake of clarity please note the following: Tax Avoidance is legal.Tax Evasion is illegal. Avoidance: it is reasonable to presume that anyone would want to pay…
SARS published an explanatory document of the Draft Income Tax Amendment Bill on 30 July 2019. This three page document summarises two aspects of the Draft Bill: REPEAL OF THE TAX EXEMPTION FOR CERTIFIED EMISSION REDUCTIONS “To avoid a double benefit scenario, where the same emissions reductions lead to both…
This article discusses the basics of “Goodwill” from an accounting perspective. Relevant Legislation: Income Tax Act 58 of 1962 (as amended)Taxation Laws Amendment act 5 of 2001 (and various amendments)Relevant Code of Practice: International Financial Reporting Standard 3 (IFRS3) In discussing “Goodwill” the definition of an asset must first be…
On 18 July 2019 the South African Reserve Bank cut its benchmark repo rate by 25 basis points to 6.5 percent. This is the first reduction of the interest rate since March last year. The repo rate is the benchmark interest rate at which the Reserve Bank lends money to…
National Treasury announced earlier on 2019 that it intends to change the provision in the tax law that exempts South African tax residents from paying tax on income from foreign employment. At present, anyone who renders services outside of South Africa for more than 183 days in a 12-month period,…
Facts for Corporate Income Tax are given below. Between 1 April 2019 and 31 March 2020 the tax rate applicable for corporate income of both resident and non-resident companies for tax years ending is 28%. Small business corporations (i.e. companies with only natural persons as members/owners and with gross income…
Have you ever wondered what SARS’ official functions may be in terms of legislation? Collection of Income Tax is merely one aspect everyone is aware of. SARS is the only organ of state that is entrusted with the administration of national revenue legislation. In terms of section 4 of the…
Payment of taxes is often a sensitive topic to discuss and everyone at some stage is obligated to pay their fair share. For the sake of clarity please note the following: Tax Avoidance is legal.Tax Evasion is illegal. Avoidance: it is reasonable to presume that anyone would want to pay…
SARS published an explanatory document of the Draft Income Tax Amendment Bill on 30 July 2019. This three page document summarises two aspects of the Draft Bill: REPEAL OF THE TAX EXEMPTION FOR CERTIFIED EMISSION REDUCTIONS “To avoid a double benefit scenario, where the same emissions reductions lead to both…
This article discusses the basics of “Goodwill” from an accounting perspective. Relevant Legislation: Income Tax Act 58 of 1962 (as amended)Taxation Laws Amendment act 5 of 2001 (and various amendments)Relevant Code of Practice: International Financial Reporting Standard 3 (IFRS3) In discussing “Goodwill” the definition of an asset must first be…
On 18 July 2019 the South African Reserve Bank cut its benchmark repo rate by 25 basis points to 6.5 percent. This is the first reduction of the interest rate since March last year. The repo rate is the benchmark interest rate at which the Reserve Bank lends money to…
National Treasury announced earlier on 2019 that it intends to change the provision in the tax law that exempts South African tax residents from paying tax on income from foreign employment. At present, anyone who renders services outside of South Africa for more than 183 days in a 12-month period,…