This form is designed so that employers can easily reconcile their payroll taxes (PAYE, UIF and SDL). These taxes have proved difficult to reconcile and this redesigned form is intended to simplify this process. It is important to get this right to avoid paying penalties...
This has been causing waves since SARS stated its intentions of making electronic services subject to VAT last year. Now the final regulations have been published and are effective from 1 April 2019. Of significance is the change in the definition of electronic services - in...
“If only there was some kind of an infinite power source that was free to use all day every day…” (Anon) In a recent binding ruling, SARS confirmed it will allow the cost of solar power units. The capital costs that may be deducted are: Photovoltaic solar...
New management at SARS is trying to rebuild the institution as the world class organisation it once was. Amongst the outcomes it hopes to achieve in this tax year are increases: In public trust and credibility, In the ease and fairness for taxpayers in their...
The Companies and Intellectual Property Commission (CIPC) will from 1 July 2018 require that all Annual Financial Statements (AFS) submitted to the CIPC be in eXtensible Business Reporting Language (XBRL) format. What is XBRL and what are its benefits? It is a global standard for digital reporting....
The EU’s General Data Protection Regulation (GDPR) became enforceable on the 25th of May. It is regarded as the world’s most comprehensive legislation protecting private data. GDPR may be applicable to South Africans if your business provides goods or services in the EU, and in certain...
SARS has released a media statement on Bitcoin in which it states that people dealing in Bitcoins or other cryptocurrencies are subject to normal Income Tax law in terms of gross income, tax deductions or Capital Gains Tax. SARS are treating Bitcoin not as a...
The new minimum wage provisions, originally due to start on 1 May but now reportedly facing delay due to the high number of submissions received from the public, will affect us all significantly. Assuming that the National Minimum Wage Bill’s provisions are enacted in substantially their...
The Minister of Finance makes his Budget Speech on 21 February and would like to hear your tips for the Budget. To submit your suggestions go to “Budget Tips” on the National Treasury website. Our 2018 Budget is one of the most important since 1994 and...
The cost of tax compliance has recently been in the spotlight as SARS’ revenues have fallen and pressure is mounting on taxpayers to spend even more time on tax compliance. Reducing these costs will have beneficial effects on the economy: As costs of compliance fall...