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Cecil Kilpin | May 2024 Newsletter

By |2024-06-01T15:01:25+02:00May 31st, 2024|Business, Environmental, Finance + Economics, Newsletter, Vat|

Median Monthly Earnings by Status in Employment, 2017 & 2022. STATS SA has released a report on monthly earnings which makes for interesting reading. Below is a summary of the highlights. In 2017, there were approximately 16,1 million employed persons for pay or profit. The number declined by 642 000 in 2022 to 15,4 million, with 13,0 million being employees (or 84,0%), while 1,6 million (or 10,5%) were own-account workers and 846 thousand (or 5,5%) were employers. The median monthly earnings were highest among employers at R10 000, followed by employees with their median at R5 417, and the lowest median monthly earnings were observed among the own- account workers at R3 500 in 2022. Between 2017 and 2022, the total [...]

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Cecil Kilpin | April 2024 Newsletter

By |2024-04-18T12:12:59+02:00April 18th, 2024|Accounting, Business, Environmental, Finance + Economics, Newsletter, Tax|

Employer Annual Declarations (EMP501): 1 April to 31 May 2024. As an employer, it’s essential to stay informed about your tax obligations. The Employer Annual Declaration period is a crucial time when you need to submit accurate information to the South African Revenue Service (SARS). Let’s dive into the details: What is the Employer Annual Declaration (EMP501)? The EMP501 is an annual reconciliation declaration that employers must submit. It provides SARS with up-to-date payroll information about their employees. During this period, employers review their records, ensure accuracy, and report the necessary details. Key Dates: Opening Date: The Employer Annual Declaration period opens on 1 April 2024 Closing Date: Employers have until 31 May 2024 to complete and submit their [...]

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Cecil Kilpin | February 2024 Newsletter

By |2024-02-16T14:34:08+02:00February 16th, 2024|Business, Environmental, Finance + Economics, Newsletter, Vat|

B-BBEE Affidavits: Simplifying Compliance for Exempted Micro Enterprises. Introduction Broad-Based Black Economic Empowerment (B-BBEE) compliance is crucial for businesses aiming to contribute to economic transformation and inclusivity. The Companies and Intellectual Property Commission (CIPC) plays a significant role in facilitating B-BBEE certification for eligible entities. Let’s explore the process of obtaining B-BBEE certificates through affidavits and understand their implications. What Is an Exempted Micro Enterprise (EME)?An EME is a business with a turnover of less than R10 million. These enterprises are exempt from the requirement to produce a formal B-BBEE certificate. Instead, they can compile an affidavit indicating their B-BBEE status and shareholding.The B-BBEE Affidavit Process:Eligibility: EMEs can apply for a B-BBEE certificate (affidavit) during business registration or when filing [...]

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Cecil Kilpin | January 2024 Newsletter

By |2024-02-05T10:39:17+02:00January 31st, 2024|Business, Environmental, Finance + Economics, Newsletter, Vat|

Budget 2024/ 2025 Scheduled for February 2024. The minister of finance will table his budget proposals on February 28th, 2024. Some of the key predictions on the back of an election year are as follows: Interest Rates: There is speculation that the South African Reserve Bank (SARB) will cut interest rates in 2024. The expectation is that there will be two 25bp rate cuts in the second half of 2024 Inflation: Questions remain over whether high inflation will return to normal levels. There are arguments that inflation will remain elevated as wages and spending rise faster than before the pandemic Fiscal Outlook: The finance minister has indicated that spending cuts and increased borrowing (not higher taxes) can be expected. [...]

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Cecil Kilpin | December 2023 Newsletter

By |2023-12-20T14:16:53+02:00December 20th, 2023|Business, Environmental, Finance + Economics, Newsletter, Vat|

Beneficial Ownership. CIPC (Companies and Intellectual Property Commission) is an agency that regulates the registration and compliance of companies and intellectual property. One of its functions is to keep a register of beneficial ownership (BO) for companies and close corporations. A beneficial owner is a natural person who ultimately owns or controls a legal entity, such as a company or a close corporation. The CIPC requires any person with more than 5% beneficial ownership of a company or close corporation to file their BO information with the CIPC. CIPC has implemented a beneficial ownership interface with effect from 11 December 2023, which means that clients have to file their BO information before filing their annual returns. The interface also validates whether the [...]

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Cecil Kilpin | Legislation Changes – Beneficial Ownership

By |2023-06-13T11:15:32+02:00June 13th, 2023|Business, Environmental, Finance + Economics, Goverment, Newsletter, Tax|

AMENDMENTS TO THE TRUST PROPERTY CONTROL ACT. The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act (no. 22 of 2022) came into force on 1 April 2023, and amends the Trust Property Control Act [as well as the Nonprofit Organisations Act (no.71 of 1997), the Financial Intelligence Centre Act (no.38 of 2001), and the Companies Act (no.71 of 2008)]. It is hereinafter referred to as “the Amendment Act”. The amendments to the Trust Property Control Act are significant – the intention is to increase the disclosure requirements on trustees, to prevent the misuse of trusts, and to combat money laundering, terrorist financing and other financial crimes. The Amendments Comprise: The insertion of the definition of ‘‘accountable institution’’ Increased disclosure [...]

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Cecil Kilpin | May 2023 Newsletter

By |2023-05-29T13:10:46+02:00May 29th, 2023|Business, Environmental, Finance + Economics, Goverment, Innovation & I.T, Newsletter, Tax|

Cybercrime and the Role of Directors. The recent pandemic has seen a dramatic move towards the use of technology in the business world. While the use of technology has in some instances increased productivity and eased the way of doing business, cybercrime has become is a global phenomenon with company data being hacked on an all to regular basis. The big question is who is responsible for the safety of data and privacy of information. South Africa has world class legislation which at times does not deter cyber criminals due to the lack of enforcement by authorities. Legislation clearly puts the onus on directors of a company to take all reasonable steps to protect sensitive data. Directors duties [...]

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Cecil Kilpin | March 2023 Newsletter

By |2023-03-09T12:38:04+02:00March 9th, 2023|Business, Environmental, Finance + Economics, Goverment, Innovation & I.T, Newsletter, Tax|

Estate Duty. When a natural person (taxpayer) dies, that person is called a ‘deceased person’ and all his or her assets on date of death will be placed in an estate. This estate is called an estate of a deceased person (commonly known as a ‘deceased estate’). Assets in a deceased estate can amongst other things include immovable property (house), movable property (car, furniture, etc), cash in the bank, etc.  The person who administers a deceased estate is called an ‘Executor’. Once the Executor has finalised all the administration in the deceased estate, the remaining assets (after paying all the debts) will be distributed to the beneficiaries. A beneficiary can consist of either heirs and/or legatees.  A legatee is a [...]

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Cecil Kilpin | July 2022 Newsletter

By |2022-07-11T13:06:07+02:00July 11th, 2022|Business, Environmental, Finance + Economics, Goverment, Newsletter, Tax|

Doing Business In South Africa .. An Overview! The South African gross domestic product (GDP) expanded by 1,9% in the first quarter of 2022, representing a second consecutive quarter of upward growth. The size of the economy is now at pre-pandemic levels, with real GDP slightly higher than what it was before the COVID-19 pandemic. The National State of Disaster was lifted as from 5 April 2022, and the rules on wearing masks indoors and the limitation on public events and gatherings were all repealed on the 23 June 2022. However, South Africans are feeling the bite of fuel price increases as a result of Russia's war in Ukraine and the rise in the Brent crude oil price. [...]

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Cecil Kilpin | June 2022 Newsletter

By |2022-06-10T11:47:27+02:00June 9th, 2022|Business, Environmental, Finance + Economics, Goverment, Newsletter, Tax|

Environmental, Social and Governance (ESG) versus Friedman Doctrine and the SME The Friedman doctrine is a theory advanced by economist Milton Friedman which holds that the social responsibility of a business is to increase its profits. This approach views shareholders as the economic engine of the organization and the only group to which the firm is socially responsible. decide such matters for them. The Friedman doctrine has been very influential in the corporate world. The World Economic Forum, on the other hand is a staunch supporter of ESG which in its simplest form promotes that a corporation exists for benefit of all stakeholders. Stakeholders is a broad term, but from a corporation’s perspective this would include inter alia [...]

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