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 […]
Budgets
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]