Monthly Archives: Apr 2016

Cecil Kilpin | May 2016 Newsletter

By |2016-10-21T09:21:15+02:00Apr 28th, 2016|Newsletter|

SARS Collections Exceed R1 Trillion: For the first time in the history of South Africa, tax collections have exceeded one trillion rand. In spite of difficult economic conditions, The South African Revenue Services (SARS) recently announced that it had met its tax collection target, collecting a record R1.0699 trillion in taxes in 2015. This was mainly due to a much improved operating model with more efficient services and systems, ensuring that tax payers have had to become more compliant. Some features of SARS’ new operating model include: Re-alignment the organisation e.g. Customer and Excise is now a branch of SARS, thereby playing a vital role in the defence against illicit economy A ‘one-stop-shop approach’, making all tax services accessible from individual SARS offices Streamlining compliance [...]

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Cecil Kilpin | April 2016 Newsletter

By |2016-10-21T09:20:16+02:00Apr 1st, 2016|Newsletter|

Incentive For Employers To Provide Bursaries – No Effective Date Of Implementation: “To support skills development, government proposes to increase the fringe benefit tax exemption thresholds for bursaries provided to employees or their relatives. The income eligibility threshold for employees to access the relief will be increased from R250 000 to R400 000. The value of qualifying bursaries will be increased from R10 000 to R15 000 for National Qualifications Framework levels 1 to 4, and from R30 000 to R40 000 for levels 5 to 10.” The bulk of the proposals made in Minister Gordan’s budget speech have been "ratified" in the relative legislation. The legislation does not contain any amendments to the exemption relative to the fringe benefit tax exemption thresholds for bursaries. [...]

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