There have been significant shifts in the corporate income tax landscape in South Africa and globally. Recent trends noted by the OECD and The Tax Foundation include: Statutory corporate income tax rate changes in 13 countries in 2023 A reversal of a two-decade downward trend in corporate tax rates An increase in the average global […]
Good business leaders recognise that regular employee performance reviews play a vital role in improving transparency, identifying talent, and enhancing performance – yet often this process is handled in a casual fashion or even not implemented at all. In fact, a recent study revealed that only 13% of employees and managers, and only 6% of […]
07 October – Monthly PAYE submissions and payments 21 October – End of filing season for individual taxpayers (non-provisional) 25 October – Value Added Tax (VAT) manual submissions and payments 30 October – Excise duty payments 31 October – VAT electronic submissions and payments, Corporate Income Tax Provisional Tax payments where applicable, and Personal Income […]
Employers are assisted by the interim EMP501 reconciliation, says SARS, because it makes it easier to: make more accurate annual reconciliation submissions maintain an up-to-date employee database register employees for income tax purposes Of course, there are other benefits, such as maintaining your compliant tax status, and avoiding wasting money on stiff penalties and interest. […]
The recent spike in the number of SARS eFiling profiles being hacked by cybercriminals should raise red flags for every taxpayer. It’s got so bad that the Minister of Finance has given the Office of the Tax Ombud (OTO) approval to conduct a review of SARS’ service failures in assisting taxpayers timeously with eFiling profile […]
When a company is struggling with cashflow, or simply looking to improve profitability, the directors will often consider making grand sweeping changes like retrenching staff, slashing the marketing budget or even selling off resources. While this kind of kneejerk reaction can provide instant gratification, it may not be the solution to your long-term struggles. Cutting […]
06 September – Monthly Pay-As-You-Earn (PAYE) submissions and payments 16 September – Start of Filing Season 2024: Trusts 25 September – Value Added Tax (VAT) manual submissions and payments 27 September – Excise duty payments 30 September – VAT electronic submissions and payments, Corporate Income Tax Provisional Tax payments where applicable, and Personal Income Tax […]
Most businesses have debt of some kind or another. Whether you need help to buy stock, maintain equipment or even fund a property, it’s likely that at some stage in your business’ life you will need to take out loans. The challenge comes in balancing the needs of your business with the debt you’ve taken […]
With Tax Season 2024 for trusts opening on 16 September, there’s no better time to draw trustees’ attention to SARS’ continued emphasis that all trusts must register for income tax purposes, including dormant trusts. Once registered, trusts are obligated to submit income tax returns that are aligned with other trust reporting requirements from SARS […]
The three pots of the new retirement system Tax and other issues Withdrawing from any of the pots should be approached with caution. In addition to the fees that will be charged, and the potentially devastating impact on your eventual retirement savings, there are also tax implications that must be carefully considered. It’s significantly […]
