Donations made to the Solidarity Fund The deduction available for donations increased. To alleviate the cashflow difficulties of employees where their employers contribute to the Solidarity Fund on their behalf, Government is proposing a special relief measure by temporarily increasing the current 5% tax limit in the calculation of monthly PAYE of the employee. An [...]
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The Protection of Personal Information Act 4 of 2013 (POPI) On the 17th of June, President Ramaphosa signed the final enabling legislation to finally give effect to POPI with effect from 1st July 2020. Although it comes into full force, businesses have until the end of June 2021 to comply with the ACT. The key aims of [...]
Liduma lidlule!The storm shall pass! The purpose of the supplementary budget is obviously due to the historic nature of this pandemic and economic downturn. A second adjustments budget in October will be tabled together with the Medium‐Term Budget Policy Statement. The Budget Does Two Things:First, it brings an Adjustments Appropriation Bill and a Division of Revenue Amendment Bill to [...]
DIRECTOR’S ROLE AMIDST THE COVID 19 PANDEMIC The director’s role has without a doubt become more onerous amidst the Covid-19 pandemic. However, the Companies Act makes provision for operating in a virtual world, which includes, inter alia: A signature or an initial on a document may be made by or on behalf of a person by the use [...]
In line with the President’s address to the nation on 21 April 2020, the Minister of Finance has provided more detail on the second set of measures that aim to assist individuals and businesses through the pandemic. The interventions include: Skills Development Levy Holiday: From 1 May 2020, there will be a four-month holiday for skills development [...]
*IMPORTANT: This article is based on an extract from a draft government document. Risk-Adjusted Strategy For Economic Activity Though the national lockdown has shown early evidence on how it has successfully helped to flatten the curve and limit the spread of Covid-19, there are numerous risks if the lockdown is lifted too quickly or without [...]
Deferral Of The Payment Of Employees’ Tax Liability For Tax Compliant Small To Medium Sized Businesses In order to assist with alleviating any cash flow burden arising as a result of the COVID-19 outbreak,Government proposes the following tax measures for tax compliant small to medium sized businesses, for a limited period of four months, beginning [...]
Covid-19 and The Economy Globally, a once-healthy economic growth outlook has been revised down sharply due to the outbreak and spread of Covid-19. This coronavirus will negatively affect global and domestic economic growth through the first half of 2020, and potentially longer depending on steps taken to limit its spread. The Covid-19 outbreak will have [...]
Tax Guide 2020/ 2021: We have recently released our Tax Guide for 2020/ 21 - Download it here. Download 2020 Budget Review “The Aloe Ferox survives and thrives when times are tough. It actually prefers less water. It wins even when it seems the odds are against it. “ Tito Mboweni In a surprise move [...]
South Africa in the 2020s – an extract from a recent article by Clem Sunter Just over 32 years ago in 1987, Clem Sunter published a book entitled The World and South Africa in the 1990s. For South Africa, he played the ‘High Road’ scenario where proper negotiations between the real leaders of the major [...]