“Creating an environment in which SMMEs can thrive is inextricably linked to creating conditions in which all businesses can thrive.” (National Treasury, 2019 Economic Strategy document) The VCC (Venture Capital Companies) incentive allows a holder of shares to claim a 100% tax deduction of the cost of the shares issued by an approved VCC, provided […]
Category Archives: Tax
30
Jul
Jul
“We like to give people the freedom to work where they want, safe in the knowledge that they have the drive and expertise to perform excellently, whether they at their desk or in their kitchen. Yours truly has never worked out of an office, and never will” (Richard Branson) Thousands of employees have had to […]
30
Jul
Jul
7 August – Monthly PAYE submissions and payments 25 August – VAT manual submissions and payments 28 August – Excise Duty payments 31 August – VAT electronic submissions and payments 31 August – CIT Provisional Tax Payments where applicable 31 August – Personal Income Tax Provisional Payments. Disclaimer: The information provided herein should not be […]
29
Jun
Jun
“Death, taxes, and childbirth! There’s never any convenient time for any of them” (Margaret Mitchell, Gone with the Wind) This year’s tax season will unfold in a different manner to previous years. These changes have been driven by ongoing innovation at SARS and by the Covid-19 pandemic. The tax season is split into three time […]
29
Jun
Jun
There is usually an upsurge in giving when there is a severe crisis. COVID-19 is no exception – witness the outpouring of help for vulnerable people who face lockdown without income or food. This reaction is to be admired as it affirms our humanity, but it is worth doing some due diligence on who you […]
29
Jun
Jun
7 July – Monthly PAYE submissions and payments 24 July – VAT manual submissions and payments 30 July – Excise Duty payments 31 July – VAT electronic submissions and payments 31 July – CIT Provisional Tax Payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No […]
26
May
May
“I Have Bad News and – No, Actually I Just Have Bad News” (Rick Riordan) In the current year it has taken the average South African 126 days to pay off their taxes and only from the next day did the taxpayer then work for him or herself. This date fell on 6 May this […]
26
May
May
When SARS have requested documentation from taxpayers who do not use eFiling, the taxpayers have had to take these documents into a SARS Branch. Now SARS have launched on online form that taxpayers can complete and upload with the documentation requested by SARS. The online form can take ten documents which need to be 5MB […]
26
May
May
5 June – Monthly PAYE submissions and payments 25 June – VAT manual submissions and payments 28 June – Excise Duty payments 30 June – VAT electronic submissions and payments 30 June – CIT Provisional Tax Payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No […]
06
May
May
We read about Eskom staff having to undergo lifestyle audits so that corruption can be identified and stamped out. SARS have been conducting lifestyle audits since 2007. These audits are conducted when SARS suspects that the taxpayer is not declaring all his or her income and thus is underpaying tax due. SARS have access to […]