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.
Latest News Blog
We are well aware of the virus and it's medical and health impact however the knock-on effect of the lockdown on employment matters will remain a shock to the system for quite some time. Practising common sense and social distancing has been made very clear to everyone but the impact…
Clarifying the interaction between the Employment Tax Incentive and Special Economic Zone provisions
In January 2020 Gazette 42951 related to the Tax Laws Amendment Act, 2019 (also know as TLAB 2019) was published. This gazette covers a number of amendments to the TLAB, 2019 including the following Acts: Estate Duty Act, 1955Income Tax Act, 1962 Customs and Excise Act, 1964Value-Added Tax Act, 1991Securities…
Employees and employers often reach a settlement agreement in the CCMA or Labour Courts as part of dispute resolution as defined in the Labour Relations Act. Companies and (ex) employees however should not forget that any monetary settlement achieved is still subject to PAYE as it is a source of…
Value-added tax (VAT) was introduced in South Africa on 29th September 1991 to replace GST (General Sales Tax) as an indirect system of taxation. It is levied in terms of the Value-Added Tax Act 89 of 1991. The South African Value-Added Tax Act makes allowance for exemptions, exceptions, deductions and…
One example is given below whereby money is donated to a PBO at a fundraising event. The relevant Act is the Income Tax Act 58 OF 1962 and Section 18A SARS issued a binding private ruling in 2019 at the request of a company (the PBO)and is explained below. Note…
Earlier in February 2020 there appeared to be widespread panic around the upcoming 2020 Budget to be presented by Minister Mboweni. The concerns were that a significant increase in tax-related options would be exercised by the Minister and the panic would ultimately fall away in light of a number of…
Covered in part 2 of Tax-based Incentives Industrial policy projectsSpecial Economic Zones (SEZs)Energy efficiency savings incentiveInternational shipping incentiveVenture capital companies Industrial policy projects In 2008, a ZAR 20 billion incentive package for investors in energy efficient projects was announced. The incentive is available for industrial projects participating in the manufacturing…
Ever wondered what the list of tax-based incentives offered by Government to businesses operating in South Africa may be? Below is a list for your use. The inner workings of such incentives are often very intricate and tax advice should be sought when undertaking such ventures. Covered in this first…
Relevant Legislation: Income Tax Act No 58 of 1962, Section s10(1)(o)(ii) and section 9H On 1 March 2020, changes to the exemption for foreign employment income in s10(1)(o)(ii) of the Income Tax Act No 58 of 1962 (Act), will come into effect. Until 29 February 2020, foreign employment income earned…
It's that time of the year again; businesses will soon need to begin compiling their workplace skills plan and annual training report and submit them online. Businesses submit info for the period 01 April to 31 March via a registered skills development facilitator (SDF) and is submitted to the SETA…
We are well aware of the virus and it's medical and health impact however the knock-on effect of the lockdown on employment matters will remain a shock to the system for quite some time. Practising common sense and social distancing has been made very clear to everyone but the impact…
Clarifying the interaction between the Employment Tax Incentive and Special Economic Zone provisions
In January 2020 Gazette 42951 related to the Tax Laws Amendment Act, 2019 (also know as TLAB 2019) was published. This gazette covers a number of amendments to the TLAB, 2019 including the following Acts: Estate Duty Act, 1955Income Tax Act, 1962 Customs and Excise Act, 1964Value-Added Tax Act, 1991Securities…
Employees and employers often reach a settlement agreement in the CCMA or Labour Courts as part of dispute resolution as defined in the Labour Relations Act. Companies and (ex) employees however should not forget that any monetary settlement achieved is still subject to PAYE as it is a source of…
Value-added tax (VAT) was introduced in South Africa on 29th September 1991 to replace GST (General Sales Tax) as an indirect system of taxation. It is levied in terms of the Value-Added Tax Act 89 of 1991. The South African Value-Added Tax Act makes allowance for exemptions, exceptions, deductions and…
One example is given below whereby money is donated to a PBO at a fundraising event. The relevant Act is the Income Tax Act 58 OF 1962 and Section 18A SARS issued a binding private ruling in 2019 at the request of a company (the PBO)and is explained below. Note…
Earlier in February 2020 there appeared to be widespread panic around the upcoming 2020 Budget to be presented by Minister Mboweni. The concerns were that a significant increase in tax-related options would be exercised by the Minister and the panic would ultimately fall away in light of a number of…
Covered in part 2 of Tax-based Incentives Industrial policy projectsSpecial Economic Zones (SEZs)Energy efficiency savings incentiveInternational shipping incentiveVenture capital companies Industrial policy projects In 2008, a ZAR 20 billion incentive package for investors in energy efficient projects was announced. The incentive is available for industrial projects participating in the manufacturing…
Ever wondered what the list of tax-based incentives offered by Government to businesses operating in South Africa may be? Below is a list for your use. The inner workings of such incentives are often very intricate and tax advice should be sought when undertaking such ventures. Covered in this first…
Relevant Legislation: Income Tax Act No 58 of 1962, Section s10(1)(o)(ii) and section 9H On 1 March 2020, changes to the exemption for foreign employment income in s10(1)(o)(ii) of the Income Tax Act No 58 of 1962 (Act), will come into effect. Until 29 February 2020, foreign employment income earned…
It's that time of the year again; businesses will soon need to begin compiling their workplace skills plan and annual training report and submit them online. Businesses submit info for the period 01 April to 31 March via a registered skills development facilitator (SDF) and is submitted to the SETA…