Pay-As-You-Earn (PAYE) penalties are imposed on employers in terms of the Fourth Schedule to the Income Tax Act of 1962 [the Act], read with Chapter 15 of the Tax Administration […]
fincor
New filing requirements for insolvent taxpayers
SARS published a new guide on 25 January 2019 stating that, as from 25 January 2019, individual taxpayers that are voluntarily or mandatorily sequestrated must submit income tax returns in […]
Employees’ tax in respect of an independent contractor
On 05 March 2019, SARS published an updated Interpretation Note 17 to determine whether a person is an independent contractor for employees’ tax purposes. Relevant Acts: The Fourth Schedule to […]
Default Regulations for Retirement Funds
Back in 2017, the Minister of Finance, Malusi Gigaba, issued the Default Regulations with effect from 1 September 2017. The Default Regulations prescribe conditions for default investment portfolios, default preservation and portability, […]
VAT on electronic services
As from 01 April 2019, every person conducting an enterprise in the context of electronic services, which has made taxable supplies in excess of R1 million in any consecutive 12-month […]
Provident Funds
In this article, we look at the basic concepts of Provident Funds. A provident fund is a type of retirement fund, offered by an employer, governed by the Pension Funds […]
Economic Terms and Tax Concepts — Fiscal Drag causing higher tax rates
It often occurs that certain actions (or inactions) by government may have undesirable consequences for members of the public without the public even being aware. One of the negative consequences […]
February 2019 Budget Speech Summary
The South African Minister of Finance, Tito Mboweni, presented the annual Budget Speech on 20 February 2019. The budget is seen as conservative by nature. Key notes with respect to […]
Corporate Income Tax Returns
Business owners, Shareholders, Directors, Financial Directors, Financial Managers and Accountants should keep the following in mind as per Section 25 of the Tax Administration Act. Company Income tax returns must […]
Corporate Tax Statistics
Corporate tax, as with personal income tax, can often be a controversial but very interesting topic. The Organisation for Economic Co-operation and Development (OECD) frequently releases publications for all industry […]