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 […]
Fincor
Tax exemption for foreign employment income
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, […]
Public Interest Score
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 […]
The Unemployment Insurance Fund (UIF)
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 […]
AARTO’S POINTS DEMERIT SYSTEM— ROAD TRAFFIC INFRINGEMENTS
Government published a new Gazette, Number 42648 on 19 August 2019 as Act Number 4 of 2019 titled “Administrative Adjudication of Road Traffic Offences Amendment Act, 2019” more commonly known […]
Corporate Income Tax Rates in South Africa
Facts for Corporate Income Tax are given below. Between 1 April 2019 and 31 March 2020 the tax rate applicable for corporate income of both resident and non-resident companies for […]
SARS’ Official Functions
Have you ever wondered what SARS’ official functions may be in terms of legislation? Collection of Income Tax is merely one aspect everyone is aware of. SARS is the only […]
Tax Avoidance vs Tax Evasion
Payment of taxes is often a sensitive topic to discuss and everyone at some stage is obligated to pay their fair share. For the sake of clarity please note the […]
Draft Income Tax Amendment Bill – Commentary
SARS published an explanatory document of the Draft Income Tax Amendment Bill on 30 July 2019. This three page document summarises two aspects of the Draft Bill: REPEAL OF THE […]
Goodwill – Capital Gains Tax and Accounting
This article discusses the basics of “Goodwill” from an accounting perspective. Relevant Legislation: Income Tax Act 58 of 1962 (as amended) Taxation Laws Amendment act 5 of 2001 (and various […]