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
In 2018 the Estate Duty rate increased from 20% to 25% on dutiable amount of estates of more than R30 million. When a person dies, the deceased person and all his or her assets on date of death will be placed in an estate. This estate is called an estate…
Section 181 of the Tax Administration Act Number 28 of 2011 is applicable in this instance. This section allows shareholders to be held jointly or individually liable for the tax debts of their company and the intention is not to punish shareholders, but to discourage them from asset or dividend…
When a company is formed it has to have at least one director and one shareholder within the company. Without the two a company cannot be successfully registered. The difference between a director and shareholder Directors manage the day to day operations of a companyShareholders own the company by the…
It’s not often that SARS offers tax relief but when it is presented as an option it should be used without delay. Within Section 13 of the Income Tax Act lies a little gem. This section offers tax advantages for property investors being able to claim millions of rands back…
Double Tax Agreements What is a double tax agreement? A double tax agreement is one that allows the required tax to be paid to be offset in one of two countries against tax payable in the other in doing so avoiding double taxation. South Africa is a signatory to double…
The Department of Trade and Industry has established various special economic zones (SEZs) within designated areas in South Africa. SEZs are geographically designated areas of a country set aside for specifically targeted economic activities, supported through special arrangements and systems that are often different from those that apply in the…
The National Credit Amendment Bill was signed into law in August 2019. The Bill promotes the use of a fair, transparent, competitive, sustainable, efficient, effective and accessible credit market and greater relief to over-indebted consumers by providing a mechanism for, amongst other things, debt intervention. The NCA introduced a debt…
On 01 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 then, all foreign employment income earned by a South African tax resident will be exempt if the requirements of s10(1)(o)(ii) are…
The Companies Act, No. 71 of 2008 and the Companies Regulations, 2011 brought forth a new concept of the public interest score (PI Score). Each company is required to calculate a PI Score annually. This calculation should be done for each company individually and not at a consolidated group level. …
South Africa has an Unemployment Insurance Fund from which employees can claim. The UIF Fund offers short-term financial assistance to workers when they become unemployed or are unable to work because of illness, maternity or adoption leave. The fund also assists dependants of a contributing worker who has passed away.…
In 2018 the Estate Duty rate increased from 20% to 25% on dutiable amount of estates of more than R30 million. When a person dies, the deceased person and all his or her assets on date of death will be placed in an estate. This estate is called an estate…
Section 181 of the Tax Administration Act Number 28 of 2011 is applicable in this instance. This section allows shareholders to be held jointly or individually liable for the tax debts of their company and the intention is not to punish shareholders, but to discourage them from asset or dividend…
When a company is formed it has to have at least one director and one shareholder within the company. Without the two a company cannot be successfully registered. The difference between a director and shareholder Directors manage the day to day operations of a companyShareholders own the company by the…
It’s not often that SARS offers tax relief but when it is presented as an option it should be used without delay. Within Section 13 of the Income Tax Act lies a little gem. This section offers tax advantages for property investors being able to claim millions of rands back…
Double Tax Agreements What is a double tax agreement? A double tax agreement is one that allows the required tax to be paid to be offset in one of two countries against tax payable in the other in doing so avoiding double taxation. South Africa is a signatory to double…
The Department of Trade and Industry has established various special economic zones (SEZs) within designated areas in South Africa. SEZs are geographically designated areas of a country set aside for specifically targeted economic activities, supported through special arrangements and systems that are often different from those that apply in the…
The National Credit Amendment Bill was signed into law in August 2019. The Bill promotes the use of a fair, transparent, competitive, sustainable, efficient, effective and accessible credit market and greater relief to over-indebted consumers by providing a mechanism for, amongst other things, debt intervention. The NCA introduced a debt…
On 01 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 then, all foreign employment income earned by a South African tax resident will be exempt if the requirements of s10(1)(o)(ii) are…
The Companies Act, No. 71 of 2008 and the Companies Regulations, 2011 brought forth a new concept of the public interest score (PI Score). Each company is required to calculate a PI Score annually. This calculation should be done for each company individually and not at a consolidated group level. …
South Africa has an Unemployment Insurance Fund from which employees can claim. The UIF Fund offers short-term financial assistance to workers when they become unemployed or are unable to work because of illness, maternity or adoption leave. The fund also assists dependants of a contributing worker who has passed away.…