South African companies and households, with no option but to seek alternatives to Eskom’s expensive, erratic and deteriorating supply, will be relieved to know that – from a tax perspective – the timing could not be better to invest in solar and renewable energy. Two time-limited tax measures were announced in the 2023 Budget in […]
Category Archives: Tax
10
Feb
Feb
Previously, company losses could (subject to certain requirements) be offset against 100% of taxable income in the following year, with any balance rolling over to subsequent years. Under the new rules, an assessed loss can now only be set off against 80% of taxable income or R1 million – whichever is higher – in the […]
10
Feb
Feb
With both fuel and vehicle ownership costs at historic highs, it is more crucial than ever for taxpayers to keep accurate, up-to-date, and securely stored logs of all business travel as well as proof of related travel costs. This is because expenses related to business travel can be deducted from taxable income – but only […]
12
Jan
Jan
Businesses are often required to provide tax clearance information to other entities including, for example, existing or potential clients, financial institutions, or even investors, and for reasons ranging from applying for a tender to confirming good standing. Previously, proof of tax compliance status was made available through a manual tax clearance certificate, but today it […]
09
Nov
Nov
The ability to collect money owed by taxpayers from third parties (banks for example) who hold money for them is just one of SARS’ wide powers when it comes to the collection of outstanding tax debts. Fortunately, because these powers are so extensive and can potentially place companies or individuals in dire financial distress, taxpayers […]
25
Feb
Feb
Calling it a “good story to tell”, Finance Minister Enoch Godongwana announced, in his first Budget Speech, welcome respite from tax increases, tax relief of R5.2 billion for individuals and businesses, as well as further measures to support businesses in their economic recovery. These include no increase in the fuel levy, and adjusted tax brackets […]
27
Jan
Jan
“Employees are the key to your success… Treat them well!” (Ron Kaufman) The death of an employee can be a difficult situation in any company, but particularly so in smaller businesses where employees work more closely together and often consider each other more than just co-workers. In addition to handling the emotional aspect of such […]
27
Jan
Jan
Finance Minister Enoch Godongwana has invited the public to share suggestions on the 2022 Budget he is expected to deliver on Wednesday 23 February 2022. The Ministry of Finance: “As usual, the budget allocation always aims to strike a balance between competing national spending priorities … suggestions must pertain to what should government be spending […]
27
Jan
Jan
7 February Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 February Excise Duty payments 25 February Value-Added Tax (VAT) manual submissions and payments 28 February Value-Added Tax (VAT) electronic submissions and payments, PIT & CIT Provisional Payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can […]
05
Jan
Jan
“… the OTO commits to continue doing everything possible to ensure that taxpayers are not forced to pay a cent more than what is required.” (Judge Bernard Makgabo Ngoepe, the Tax Ombud) The list of the top 10 complaints made against SARS over the last eight years to the Office of the Tax Ombud (OTO), […]