Directors: The Steinhoff Debacle Highlights Your Exposure to Personal Liability

IC-OG-ProgramManagementTeamThe “new” Companies Act of 2008 promised to place greater accountability and liability burdens on directors. This was in response to directors being given greater powers in the Act.

Importantly, the Act does not distinguish between non-executive and executive directors.   

What is required of you as a director?

A director is to act in good faith and in the best interests of the company. More specifically “with the degree of care, skill and diligence that may reasonably be expected of a person- (i) carrying out the same functions in relation to the company as those carried out by that director; and (ii) having the general knowledge, skill and experience of that director.”

In other words if you are a financial specialist then you will have the knowledge and experience to assess the inner financial workings of the company. Boards of directors are expected to appoint directors to ensure they have the skills to cover all important aspects of the business.

Directors are liable for any costs, losses or damages resulting from a breach of their duties.

Steinhoff and non-executive directors

The collapse of Steinhoff revolves around accounting irregularities which have been ongoing for several years. What is of interest in the Steinhoff case is there were six non-executive directors who are Chartered Accountants.

To date no non-executive director (Steinhoff or otherwise) has been held liable under these provisions. This is probably likely to change as unhappy overseas investors are gearing up to sue the directors of Steinhoff for their losses suffered.

These losses run into billions of dollars, so this will be a high profile case. It also has the potential to set a precedent which will encourage other aggrieved stakeholders to hold directors accountable for their actions.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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How to Grow Your Small Business Rapidly with Digitalisation

coin“Digitalisation – the use of digital technologies to change a business model and provide new revenue and value-producing opportunities” (Gartner Glossary)

Surveys show that small to medium-sized businesses (SMEs) are not fully aware of the potential that technology and digitalisation offers them.

Achieving critical mass – a recent case study

A local SME had shown steady growth but still could not afford to take the next step to achieving critical mass – for example, it needed to appoint support staff to handle the additional workload as it found it difficult to anticipate and react to the rapid changes in its industry. However, it didn’t have the cash flow to bring in new staff.

It decided to embrace technology. This began with online accounting which it can pay off monthly and is relatively inexpensive.

The second change was to use a database to be able to quickly analyse trends with its customers, so it could have a better understanding of their activities, plus proactively propose deals to them.

This worked well, but what really surprised them was that the database enabled them to store all of their records online.  This meant ease of access for staff and allowed management to quickly ensure that all customers were correctly updated. This time saving was so significant that the business did not have to recruit new staff and was able to significantly grow its administration capacity.

The business is now growing rapidly without the usual cost increases and working capital problems.

More importantly it has given the organisation the confidence to proceed further down the road of digitalisation and continue to progress towards achieving the critical mass which will make the organisation rapidly expand its wealth.

Lessons learnt  

  1. Put digitalisation at the core of your strategy with senior management embracing it. Often, a digital champion is appointed but this is not ideal as this champion can operate in a silo and disappear down it.
  2. If our doctor tells us we need to take medication for, say high blood pressure, we take it to avoid having a heart attack at some future date. Technology is a similar challenge and if we don’t embrace it, rivals will. And they will soon overtake us.
  3. Integrating digital technology into your systems and processes can enable you to leapfrog to a higher level. Remember the majority of global giants such as Amazon and Apple leveraged technology to grow.

Improving speed to market, agility, better customer understanding and cost control can be achieved by clear focus and effective leadership.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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South Africa’s Importance to the World

jnbwebTrends in Africa have diverged in recent years – one school of thought holds there is optimism that Africa could replace Asia as a high-growth area. It has high population growth (population will double to 2.4 billion in the next thirty years), is rapidly urbanising and has been growing its economies at 5% per annum. The optimists say let’s harness these factors and economic growth will grow even faster, bringing in a substantial middle class who will demand more democracy and better governance.

It is worth noting that investment is flowing into high-growth economies like Kenya and Rwanda and large multinationals see a bright future in these countries.

Pessimists on the other hand say that Africa is becoming a failed continent where strongmen still flourish (Sudan and the Congo), where corruption is endemic and millions of refugees flee to Europe every year.

Where we fit in   

Twenty years ago we were the Rainbow Nation. Our peaceful transition to the 1994 election and the leadership of Nelson Mandela galvanised the world. Places like Northern Ireland, the Middle East and parts of South America used the South African model to try and bring peace to their areas. When Mandela retired after one term, he set a precedent for the continent – democracy and governance challenged the Strongman Bogey.

Recent events have tarnished this. Corruption and lack of accountability flourished. Cynics said “I told you so – another failed state”.

Yet the transition to the Ramaphosa Presidency was peaceful and corruption is now being met head on. To the cynics, one can say democracy is digging deep roots.

It should also be noted that in Angola, President Dos Santos has been replaced after four decades in power and of course Robert Mugabe resigned as President of Zimbabwe in November last year.

Our sophisticated economy – a model for Africa

South Africa has the most modern economy in Africa with world class financial institutions and the best infrastructure in Africa.

For the first time in many years, our economic outlook is brightening and the country is set to resume its leadership role in Africa.

An economically growing South Africa can provide a model for the rest of Africa to follow – it will result in high economic growth underpinned by democracy and governance.

This would bring the African refugee crisis to a manageable situation and a rapidly expanding continent would bring economic growth to Europe, the Middle East and Asia. Africa has the potential to be a mainstream global economy.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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Minimum Wage Starts Soon: Make Sure You Are Ready

WH_minimumwagegavelThe 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 current format, from implementation just under half of the current labour force will see their wages increasing. This will add approximately R70 billion per annum into the economy.

How will this affect you?

It will be compulsory for all employers to pay workers R20 per hour or R3,500 for a normal working month (that’s for 40 working hours a week – at 45 hours a week it comes to R3,900).

Businesses that cannot afford to pay the minimum wage may apply for an exemption but this cannot be for more than twelve months. There is scope in the legislation to “make regulations” as to how the exemption process will work. Possibly, government is waiting to see how the process unfolds and may then introduce specific exemptions.

Why have a minimum wage?

South Africa has two large structural problems – unemployment and inequality of incomes. The minimum wage is intended to strike a balance between those two in which inequality will decrease but unemployment will presumably be unaffected.

There is however no hard evidence as to whether a minimum wage will improve social justice and grow the economy in a developing economy. South American countries have in the last decade instituted minimum wages with mixed results. Brazil, for example, initially saw an upswing to its economy but within a few years slipped into a deep recession.

One size fits all 

In South Africa, there is one minimum wage and it is possible that some sectors will react differently. Clothing workers for instance currently earn half of the new minimum wage and have already suffered substantial job losses in the past twenty years. Although concessions have been made for farm workers and domestic workers (they will earn 90% and 75% of the R20 per hour respectively), a more nuanced approach could have reduced potential job losses. Some economists predict that unemployment will rise from 9.2 million currently to more than 10 million workers out of jobs.

Overall, it is possible this will help the economy at a macro-level. Those in favour of a minimum wage cite the grant system which gives a basic income to more than 11 million people. It was one of the contributors to the boom of 2003 to 2008. Critics contend this is a different funding model – grants were funded by government whilst the minimum wage will be paid by employers.

It seems that it will soon be a reality though, so we all need to be ready for it and let’s hope it has a positive impact on the economy. There will be substantial benefits for the country if it is accompanied by a productivity surge.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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VAT Increase and Accounting Systems

As you are aware, the National Treasury announced an increase in Value Added Tax (VAT) from 14% to 15% effective 1 April 2018.

We urge you to ensure that your accounting systems are set up to process transactions at the new VAT rate of 15% from 1 April 2018.  This is to avoid any penalties or interest due to an under declaration or an over claim on your VAT201 return.

Also note that vendors under Category B (March/April), Category E (annual return) and most farmers registered under Category D VAT reporting periods, will have transactions subject to the VAT rate of 14% and 15% which must be correctly reflected on the VAT201 return.

SG_VAT_AccSystems

Feel free to contact us should you have any questions or require assistance.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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Make Sure You Have a Shareholders’ Agreement

50b7c20d4567e47cae6f107f423e8b5eA well-known attorney recently said he is constantly surprised by the number of shareholder disputes that could be quickly resolved if there was a shareholder agreement.

The importance of shareholder agreements

Human nature is fickle and a few years after starting a company on a handshake, things can quickly unravel. That’s why shareholders should apply their minds upfront to defining the key characteristics in their relationship with fellow shareholders.

For example, if a shareholder wants to sell out after a dispute and wants a friend to acquire his shareholding, this can create many obstacles:

  • What if the other shareholders want to acquire the equity?
  • Who sets the price of the shares?
  • What happens to the current shareholder’s loan account?
  • The remaining shareholders may want a different shareholder.

The chances are, in this example, that the shareholders will have to turn to the courts to resolve the situation.

A shareholder agreement should contain…

The major points a shareholder agreement should contain are:

Firstly, the roles and responsibilities of the shareholders, such as do they actively participate in the business or appoint directors.

Secondly, if one of the shareholders does want to exit or if an offer is made for the company, there should be clear processes as to how to execute this:

  • How the shares are valued (normally by independent accountants).
  • Whether existing shareholders get first option to buy the shares and how to allocate the shareholding if more than one shareholder wants to buy the equity.
  • The time frames for all this to happen.

Thirdly, how to resolve shareholder disputes. Usually some arbitration and dispute resolution mechanisms are built in.

Fourthly, what mix of shareholder money and debt to use in the business?

There are obviously many aspects to the agreement, and the nature of the business and the relationships of the shareholders (e.g. do they know each other well?) will determine what else should be included in the agreement.

Don’t forget the Memorandum of Incorporation (MOI) and the Companies Act

In terms of the “new” Companies Act, the shareholders’ agreement cannot conflict with the Act or the MOI. If any clauses in the shareholders’ agreement are not consistent with the Act or the MOI, they are null and void.

For example, if the shareholders want to restrict directors in incurring company debt, the Companies Act requires that this be stipulated in the MOI. This could thus lead to an expensive error as failure to insert this clause in the MOI will effectively mean that directors can borrow at their own discretion.

Take good advice when drawing up your agreement.

Bottom line: Protect yourself and draw up a shareholders’ agreement – one day you will need it. When that day comes you will be very relieved to have taken the time in agreeing fundamental principles with your fellow shareholders.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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You and Budget 2018: The New Tables

Financial chart with calculator and penFor ease of reference please find below –

  • The new tax tables for individuals and trusts (with notes).
  • The new tax tables for Small Business Corporations.
NEW INCOME TAX TABLES 2018/19 (INDIVIDUALS & SPECIAL TRUSTS)
Taxable Income Tax
 
R0 – R195,850 18% of taxable income
195,851 – 305,850 R35,253 + 26% of the amount above R195,850
305,851 – 423,300 R63,853 + 31% of the amount above R305,850
423,301 – 555,600 R100,263 + 36% of the amount above R423,300
555,601 – 708,310 R147,891 + 39% of the amount above R555,600
708,311 – 1,500,000 R207,448 + 41% of the amount above R708,310
1,500,001 and above R532,041 + 45% of the amount above R1,500,000
New rates apply from 1 March 2018. Trusts (other than special trusts) are taxed at 45%

 

NOTES 2018/19 CHANGES FROM LAST YEAR APPLICABLE DATES
       
VAT 15% Increases by 1% 1  April
Rebates
Persons under 65 R14,067 Increased by R432 1 March
Secondary (Persons over 65 and below 75) R21,780 Increased by R666 1 March
Tertiary (Persons 75 and older) R24,354 Increased by R747 1 March
Tax Thresholds
Persons under 65 R78,150 Increased by R2,400 1 March
Secondary (Persons over 65 and below 75) R121,000 Increased by R3,700 1 March
Tertiary (Persons 75 and older) R135,300 Increased by R4,150 1 March
Interest Exemption
Persons under 65 R23,800 No change N/A
Persons 65 and older R34,500 No change N/A
Dividends
 Dividends Tax 20% No change N/A
Medical Aid Tax Credits per beneficiary
First two beneficiaries R310 p.m. each Increased by R7 1 March
Third and more R209 p.m. each Increased by R5 1 March
Business Travel – Tax free
Up to 12,000 kilometres per annum R3.61 per km Increased by 6 cents per km. 1 March
Travel Allowance 
Travel allowance still taxable at 80% No change No change N/A
Logbook compulsory
Other Taxes
Capital Gains Tax – Individuals/Special Trusts* 18.00% No change N/A
Capital Gains Tax – Companies 22.4% No change N/A
Capital Gains Tax – Other Trusts 36.00% No change N/A
Fuel Levy Increases by 22 cents a litre 4 April
Cigarettes Increases by R1.22 per packet of 20 1 April
Wine (Unfortified) Increases by 23 cents a 750 ml bottle 1 April
Spirits Increases by R4.80 a 750 ml  bottle 1 April
Beer Increases by 15 cents a 340 ml bottle 1 April
Road Accident Fund Increases by 30 cents a litre 4 April
       
*= Represents the maximum effective  rate of Capital Gains Tax

 

SMALL BUSINESS CORPORATIONS – NEW TAX TABLE
Taxable Income New SBC Tax Rates Change vs Prior Year
   
R0 – R78,150 Nil Band raised by R2,400
R78,151 – 365,000 7% of taxable income over R78,150 Small tax decrease
R365,001 – R550,000 R20,080 + 21% over R365,000 Small tax decrease
Over R550,001 R58,930 + 28% over R550,000 Small tax decrease
   
Benefits to taxpayers are marginal
Rates apply 1 April 2018 to 31 March 2019

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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You and Budget 2018: It Could Have Been Worse!

money2018-1“What people really want is fairness. They want people paying their fair share of taxes” (Barack Obama)

In the Medium-Term Budget Speech (MTBS) last October, Finance Minister Gigaba laid out some frightening numbers – tax revenue was not rising as predicted and expenditure was inexorably increasing. The forecasted spending ceiling was breached and the message for Budget 2018 was clear – “Expect substantial tax hikes”.

In the end, there are indeed R36 billion’s worth of tax increases, but also the Government will put in place spending cuts of R85 billion over the next three years. The combination of tax increases and spending cuts is an important step towards restoring fiscal credibility.

The big story – VAT increasing to 15%

Many commentators called for an increase in VAT but were doubtful that Government would push through such an unpopular and regressive (regressive in the sense that it impacts more on the poor than the rich) measure so close to an election. Yet a 1% increase from 1 April headlined the Budget. This is the first VAT increase in more than 20 years.

The two other main contributors to tax revenue – company and individual tax – are already at high levels and further increases would likely prove to be counterproductive, again leaving Government short of its revenue target. Lower income groups will also benefit from an increase in thresholds for the bottom three personal income tax brackets.

Globally, the world is increasingly moving towards indirect taxation as it brings more certainty to the fiscus in that it is a relatively simple and robust collection process.

In the past few years, the affluent have been inundated with tax increases. VAT is paid by all consumers and so spreads the load of the tax burden. The concern remains that this regressive tax will impact adversely on vulnerable households despite the existing zero-rating of basic food items and despite the cushioning effect of an above-inflation increase of 7% in social grants. On the other hand some economists support it as increasing fairness in our tax system and as the tax least likely to damage the economy.

For business, the VAT rate change will however mean more costs as a result of extra administration in changing your systems and stationery. Start preparing now!

The major increases and how much tax they will raise 

MAJOR INCREASES AND REVENUE PROJECTED
Taxable Income SARS Revenue Projected
 
VAT rises from 14 to 15 % R22.9bn
“Bracket Creep” * R 6.8bn
Excise taxes** R2.6bn
Fuel Levy (52 cents a litre) R1.2bn
Ad Valorem Excise Duties*** R1.0bn
Sugar tax R1.0bn
Medical Tax Credit cap R0.7bn
Estate Duty on Estates over R30 million (25% tax)**** R0.15bn

 

* Personal Income Tax brackets are not adjusted for inflation so any increase in your salary (even just an inflation-linked increase) could push you into a higher tax bracket.

** Excise Tax on cigarettes is up 8.5%, whilst alcoholic products will see excise tax increase by between 6% and 10%.

*** Ad Valorem rates will increase on luxury goods from a range of 5% to 7% to a range of 7% to 9%.

**** The duty is levied on the dutiable value of an estate at a rate of 20% on the first R30 million and at a rate of 25% above R30 million. Donations tax increased by 5% in line with that.

What will Government prioritise on the expenditure side?

Over the next three years:

  • Basic education will receive R792 billion whilst tertiary education gets R324 billion (R57 billion for free education including R12 billion this year). This follows President Zuma’s concession to the Fees Must Fall campaign.
  • Health Care gets R667 billion.
  • Social grants R528 billion.
  • Basic services to low income households R205 billion.
  • R129 billion for public transport.
  • R126 billion for water infrastructure and services.

The key ratios and what they mean for us

Analysts, ratings agencies and investors look at economic ratios as part of the process in determining how a country is performing.

  • Together with an improved growth outlook, the proposals will reduce the consolidated budget deficit to GDP from 4.3% in 2017/18 to 3.5% in 2020/21 – as best practice is close to 3%, this is a good trend.
  • Net debt to GDP was forecast at over 60% by 2023 per the MTBS and is now expected to fall to 56.2%, also a positive indicator. Generally, this should be below 50% but this is now heading in the right direction.
  • Inflation is expected to be benign for the next three years and contained within the 3% to 6% mark.
  • GDP is estimated to increase by 1.5% this year, by 1,9% in 2019/20 and by 2.1% in 2020/21. As our population is growing at 1.35%, this means that real growth per capita is projected to rise in the medium term.

All of these ratios will hopefully give comfort to investors and ratings agencies. It remains to be seen how achievable they are but our new President seems to have substantial credibility.

Other important changes

  • The Carbon Tax will be effective from 1 January 2019. As this is expected to be complex and will require considerable set-up time, start preparing for it now.
  • Another point of interest is that government departments and parastatals are mandated to pay suppliers in 30 days – failure will result in management facing charges. That’s good news for suppliers struggling to keep their cash flows positive.
  • The Minister mooted several retirement reforms such as that pension and provident preservation funds will be allowed to make transfers to a retirement annuity fund (after the retirement date of an employee). This was excluded in the retirement reform proposals of 2017.

For a comprehensive guide to the 2018 Budget, there is an excellent summary by SAICA downloadable here.

What about Junk Status and investor confidence?

Moody’s is the only major ratings agency not to have fully downgraded South Africa to junk status. Government’s commitment to getting financial discipline back into the budgeting processes within government plus the bold decision to raise VAT will hopefully be welcome news to ratings agencies.

It should also be attractive to potential investors – something needed to grow the economy and jobs.

The bottom line

In tone, this is a Budget which builds on the rising hope the nation has experienced since our new President was sworn in. It confronts corruption head on (for example, the proposed reforms to procurement rules), tackles tax administration and declining tax morality and clearly seeks to contain expenditure, plus relaxing regulations where possible.

Above all, it was pragmatic and in increasing VAT seeks to spread the burden of tax increases. Not nearly as bad news a Budget as some feared it might be!

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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Stop the World I Want To Get Off

Email marketing“Join the slow e-mail movement! Read your mail just twice each day. Recapture your life’s time and relearn to dream.” (Dan Russell, IBM Researcher)

We live in times of immediate responses and instant gratification. A survey done on emails showed that people check their emails up to eighteen times per hour.

Apart from emails we are distracted by smartphones which send us endless messages from Facebook, Instagram, WhatsApp, Twitter and so on. Not forgetting you can keep pro-actively checking these media as well.

Picture John Twit who has to analyse and report on a new brand strategy which he has just received from the firm’s advertising agency. His boss wants the report in three hours so he can give feedback at a Board meeting.

John starts going through the report but continues to frequently check his emails. Many of them are urgent and require a swift response. As the three hour deadline looms, John gets increasingly stressed and finds it difficult to focus on the report. By the time he emails it to his boss, he is exhausted and mentally drained.

What’s happening to John?

The human brain is wired to focus on only one important task at a time. So when John tries to respond to urgent emails whilst working on his report, he struggles to focus on the brand report.

Also, every time he switches from emails back to his report, he has to reset his brain to focus on the report. John feels mounting frustration as the deadline for the report looms and he faces ongoing pressure from the emails coming through.

Research shows…

The New York Times did a study on 124 people. Half the people were allowed to only view their emails three times a day. The other half were allowed to check their emails with no limit placed on this process.

Within a week the people who looked at their emails three times a day showed markedly lower stress levels. Other research revealed that people communicated more with fellow staff members and remained more focused when they reduced the number of times they checked emails.

Productivity has been sluggish for more than a decade, so it is doubtful that the trend of responding instantly to emails has had a major economic effect. In fact you will probably find that many of the “urgent” emails have been resolved by the time they are opened several hours later.

So… 

Breaking habits is never easy to do but checking your emails only two or three times a day will be good for productivity and ultimately your mental health.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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Taxpayers: Why YOU Should Participate in this Local Survey by SAICA

a2 Online_Survey__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 SARS revenues should increase, lessening future tax hikes
  • Low tax compliance costs will encourage investment in South Africa
  • It will allow business to focus more on their business which in turn should stimulate job growth.

It would be extremely useful to see what South Africans (individuals, small and medium-sized businesses (SMEs) and larger corporates) think about tax compliance in terms of the time involved and costs.  SAICA has initiated a survey on this important topic.

There are three major cost components to tax compliance:

  1. Internal costs of your staff completing tax returns, making payments and responding to SARS queries;
  2. Costs of using tax professionals to assist with the above processes; and
  3. Other costs such as travel claims and using software to compile tax returns.

Quantifying these costs will enable SAICA to get a composite picture of time spent and tax compliance costs, and to use this data to analyse how to drive these costs down. With statistically valid data, SAICA can lobby government to take action to reduce compliance time and costs.

Of particular interest is that this survey will form a baseline against which future measures can be scientifically evaluated as to how effective they are.

Help reduce tax compliance time and costs

Why not let your voice be heard and participate in the survey? Read the “Participant Information Sheet” and find the link for the survey on SAICA’s website here.

On page 2 of the letter click on the relevant category:

  • Individual;
  • SME; or
  • Large corporate.

Make your voice heard and ensure that there is a statistically valid sample so that concrete measures can be taken to reduce tax compliance time and costs.

Please note that the closing date to complete the survey is March 30th.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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