Monthly Archives: November 2017

Your Tax Deadlines for November and “Watch Out, SARS is On The Warpath!”

Posted on November 22, 2017 by admin

Non-provisional taxpayers using eFiling or electronically submitting from a SARS office need to file their 2016/2017 Income Tax Returns on or by 24 November. Secondly, tax compliance levels are slipping and SARS is planning to aggressively counteract this, noting that … Continue reading →

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Disappointing – SA Slips Down the World Competitive Index

Posted on November 22, 2017 by admin

Every year we report on the World Economic Forum’s (WEF) Global Competitiveness Index. This year South Africa slipped from 48th to 61st in the rankings. What was disappointing is that previously we were ranked 3rd in terms of corporate efficacy … Continue reading →

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The Latest on the SVDP

Posted on November 22, 2017 by admin

Access to the Special Voluntary Disclosure Program (SVDP) closed at the end of August 2017 and the government netted a little over R1 billion. There were two thousand applications for this amnesty. Whilst this is not the final amount as … Continue reading →

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SMEs Beware: POPI is Finally Becoming a Reality

Posted on November 22, 2017 by admin

“Forewarned is forearmed” (wise old proverb) The Protection of Personal Information Act (POPI) has been in the public domain for several years and has been enacted into law, but its enforcement provisions are not yet in effect. The appointment of … Continue reading →

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How are We Doing on the “Better Life Index”?

Posted on November 22, 2017 by admin

Since the introduction of double entry bookkeeping in the fifteenth century, it has been widely accepted that profit equates to value. This concept moved to nation states and today we measure how well a country is doing by its Gross … Continue reading →

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Tax on Offshore Income – A Change in Plan

Posted on November 22, 2017 by admin

SARS recently issued a draft Tax Bill which proposed taxing South African residents the difference in taxation on offshore income earned. Thus, if 10% tax was paid on overseas income then the taxpayer was liable to pay what would have … Continue reading →

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Climate Change: Make Sure Your Home is Correctly Insured

Posted on November 22, 2017 by admin

TV and other media have extensively covered natural disasters recently – fires in Knysna, storms and floods in Gauteng and KZN and then more fires along Table Mountain. There is now no doubt that these events are occurring more frequently … Continue reading →

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Inflation’s Different Effects on Different Income Groups: The Danger for South Africa

Posted on November 9, 2017 by admin

Each month Statistics SA releases the inflation figure (CPI). Currently it is 5.9% which is a considerable improvement on February’s 7%. What is interesting is the CPI figure is a composite of five quintiles of income groups – from the … Continue reading →

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The Special Voluntary Disclosure Programme Begins – What’s Changed?

Posted on November 9, 2017 by admin

We recently discussed the Special VDP which lets non-compliant taxpayers voluntarily disclose offshore assets and income in order to regularise both their tax and exchange control affairs. As promised, here is an update for you on current changes to the … Continue reading →

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Are You Struggling to Get Your Tax Refund?

Posted on November 9, 2017 by admin

There is a feeling that taxpayers are getting fed up over the amount of tax they have to pay. Add to this the adverse publicity SARS has received as one of the focal points of the current political struggles and … Continue reading →

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