Companies must, within 12 months of their financial year-end, submit to SARS an Income Tax Return for Companies (ITR14), as well as supporting documents, declaring their full income tax responsibility to SARS. This declaration, return and supporting documents may be selected for verification by SARS. A verification involves the comparison of the information declared on the […]
Section 234 in Chapter 17 of the Tax Administration Act (TAA) sets out a list of criminal tax offences. If prosecuted and convicted of a tax criminal offence, taxpayers will – at the least – be subjected to a substantial fine and may even face the maximum penalty of imprisonment for up to two years. […]
7 August – Monthly Pay-As-You-Earn (PAYE) submissions and payments 30 August – Excise Duty payments 31 August – Value-Added Tax (VAT) electronic submissions and payments, CIT Provisional payments where applicable, first provisional tax payment for the 2024 tax year (individuals).
With Tax Season 2023 upon us, expect an upsurge in scam emails, seemingly from SARS but actually clever attempts by online criminals to swindle you. “Phishing” is a cyberattack that uses fraudulent emails made to look as if they come from a reputable source – such as SARS – to trick people into disclosing sensitive […]
SARS recently announced the dates and changes for the 2023 Tax Season, which opened on 7 July 2023 for individuals (non-provisional taxpayers and provisional taxpayers), as well as for trusts. The deadline dates are as follows: Non-provisional taxpayers who were auto assessed have until the normal filing season deadline, 23 October 2023, to file an […]
Taking on debt can be a good thing for a company. It can fund expansions, help you seize market share or diversify offerings. Handled incorrectly it can, however, lead to severe problems that could ultimately result in bankruptcy. Managing company debt is, therefore, something that should always be done alongside your company accountant, who can […]
There are a lot of factors that go into working out the true cost of an employee. According to the US Small Business Administration, employees really cost between 1.25 and 1.4 times their monthly wages. Understanding why this is, is critical to working out whether the company can really afford to bring someone onto the […]
7 July – Monthly Pay-As-You-Earn (PAYE) submissions and payments 28 July – Excise Duty payments 31 July – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.
The South African Reserve Bank’s Financial Sector Contingency Forum (FSCF) has recently encouraged South African businesses to develop plans for operation at stage 8 load-shedding levels and a total countrywide blackout. While it has tempered this warning by saying that total blackout is an improbable scenario (with a chance of 0.1% to 1% of happening), […]
South Africa’s grey listing by the Financial Action Task Force (FATF) earlier this year and the subsequent passing of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022, resulted in amendments to the Companies Act, among others. The changes to the Companies Act mean that company directors are now obliged […]
