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Budgets

April 14, 2021April 14, 2021 Marc DerfoldyBudgets, Corporate Tax, Income Tax Act, Non-profit organisation

Donations Tax

Reference Acts and documents Income Tax Act, as amendedForm IT144 – Declaration by donor / doneeTax Administration Laws Amendment Act 24 of 2020 (TALA, 2020) In this article, we briefly […]

September 21, 2020September 21, 2020 Marc DerfoldyBudgets, Companies Act, Terminology

Non-compliance with laws and regulations – NOCLAR

In 2017, the International Ethics Standards Board for Accountants (IESBA) updated the rule that dictates how accountants can respond to a client’s non-compliance with laws and regulations (NOCLAR). For the […]

June 11, 2020June 11, 2020 Marc DerfoldyBudgets, Companies Act, COVID-19, Investments, Labour Relations, Provident Funds, Retirement, UIF
COVID-19

Financial fallout from the COVID-19 pandemic

Prior to the World Health Organisation declaring COVID-19 a pandemic South Africa’s economy had already contracted in the last two quarters of 2019. Arising from the subsequent lockdown in South […]

June 1, 2020June 1, 2020 Marc DerfoldyBudgets, Companies Act, Corporate Tax, Non-profit organisation
TAX

Donations tax implications of subscribing for shares at a discount

Income Tax Act 58 of 1962 sections 55(1) and 58(1) SARS released a private binding ruling (BPR343) in May 2020 explaining the outcome of a request from an applicant as […]

April 24, 2020April 24, 2020 Marc DerfoldyBudgets, COVID-19, Tax Administration Act, UIF, Value Added Tax
COVID-19

Tax relief and the R500 billion breakdown

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 […]

March 12, 2020March 12, 2020 Marc DerfoldyBudgets, Corporate Tax, Non-profit organisation
Money on a table

Donations made to Public Benefit Organisations (PBOs)

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 […]

March 6, 2020March 6, 2020 Marc DerfoldyBudgets, Terminology, Trusts
Goverment rvenue and expendetur

The 2020 Budget, tax matters, SAA, Eskom and a lower government employee wage bill

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 […]

February 3, 2020February 3, 2020 Marc DerfoldyBudgets, Carbon Tax
Money on a table

Tax Incentives and Renewable Energy

Tax policy and tax mechanisms have often been seen as one of the ways in which governments can influence the behavior of its citizens. Energy waste is no different in […]

November 21, 2019November 21, 2019 Marc DerfoldyBudgets
Stacked coins, money on the table

SEZ’s or Special Economic Zones

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 […]

March 12, 2019March 27, 2019 fincorBudgets, Income Tax Act, Personal Income Tax

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 […]

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