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
Section 23H of the Income Tax Act is one that is often carefully reviewed by SARS for correct application by businesses. This portion of the Income Tax Act, No 58 of 1962 governs the extent of the deduction that may be claimed during any particular year of assessment in respect…
Section 8 of The National Disaster Regulation 10 empowers the Minister of Employment and Labour with the authority to issue and vary directions, within mandate, to address, prevent and combat the spread of COVID-19, from time to time, including: Disseminating information required for dealing with the national state of disaster,Implementing…
Our government has published a breakdown of its R500 billion economic support package to help battle the impact of the coronavirus pandemic. Below is a summary of how the funds will be used as well as a summary of the updated tax relief implication. The money will be distributed as…
Following announcement of the actions taken by government to combat the COVID-19 crisis, South Africans are by now well aware of the proposed tax measures effective from 1 April 2020. An additional fiscal measure under the Value-Added Tax Act No. 89 of 1991 has been implemented as a means of…
There appears to be extensive confusion regarding the two types of UIF claims during the lockdown. The previous article published lists the information required for the employer to kickstart the process so that the employer can submit a claim when the Temporary Employee / Employer Relief Scheme TERS route is…
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…
Section 23H of the Income Tax Act is one that is often carefully reviewed by SARS for correct application by businesses. This portion of the Income Tax Act, No 58 of 1962 governs the extent of the deduction that may be claimed during any particular year of assessment in respect…
Section 8 of The National Disaster Regulation 10 empowers the Minister of Employment and Labour with the authority to issue and vary directions, within mandate, to address, prevent and combat the spread of COVID-19, from time to time, including: Disseminating information required for dealing with the national state of disaster,Implementing…
Our government has published a breakdown of its R500 billion economic support package to help battle the impact of the coronavirus pandemic. Below is a summary of how the funds will be used as well as a summary of the updated tax relief implication. The money will be distributed as…
Following announcement of the actions taken by government to combat the COVID-19 crisis, South Africans are by now well aware of the proposed tax measures effective from 1 April 2020. An additional fiscal measure under the Value-Added Tax Act No. 89 of 1991 has been implemented as a means of…
There appears to be extensive confusion regarding the two types of UIF claims during the lockdown. The previous article published lists the information required for the employer to kickstart the process so that the employer can submit a claim when the Temporary Employee / Employer Relief Scheme TERS route is…
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…