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Cecil Kilpin | November 2023 Newsletter

By |2023-11-30T08:30:59+02:00November 30th, 2023|Business, Finance + Economics, Goverment, Newsletter|

Medium-Term Budget Policy Statement (MTBPS) Review. The Medium-Term Budget Policy Statement (MTBPS) for 2023 was unveiled by Finance Minister Enoch Godongwana on 1  November 2023. The MTBPS, also referred to as the "mini-budget", allows government departments to apply for adjustments to their budgets, apply for rollovers, and request additional funds for unforeseeable and unavoidable expenditures. It sets government policy goals and priorities, forecasts the macroeconomic trajectory, and projects the fiscal framework over the next three years by outlining spending and revenue estimates. The 2023 MTBPS came with the backdrop of poor global and local growth, falling revenues, and cost pressures for households, business, and government. As an alternative to raising taxes, the government was advised to focus on improving [...]

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Cecil Kilpin | October 2023 Newsletter

By |2023-10-17T11:05:57+02:00October 17th, 2023|Accounting, Business, Finance + Economics, Goverment, Newsletter|

Companies First Amendment Bill, 2023 And Second Amendment Bill, 2023. The Companies First Amendment and Second Amendment Bill were tabled in Parliament on the 28 August 2023, and have been published. [The initial draft of the Companies Amendment Bill was published in 2018, followed by a revised draft Bill in 2021, both of which have undergone extensive public consultation and engagement]. The First Amendment Bill seeks to, inter alia:Remove certain obstacles to legitimate business activityFacilitate greater equity between directors and senior management on the one hand, and shareholders and workers on the other hand – among other things by ensuring greater transparency regarding the disclosure of senior executive remuneration and its ‘reasonableness’. The Bill proposes that shareholders be advised at annual [...]

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Cecil Kilpin | September 2023 Newsletter

By |2023-09-19T15:07:45+02:00September 19th, 2023|Business, Finance + Economics, Goverment, Newsletter|

What You Need to Know About Living Wills. A living will is not the same as a last will and testament. A living will is a document that lets you express your preferences for medical care in case you become unable to communicate them yourself. A living will can help you avoid unwanted or unnecessary interventions, such as life support, resuscitation, or tube feeding, that may prolong your suffering or go against your values. A living will can also help your family and doctors make difficult decisions on your behalf, and reduce the potential for conflicts or disputes. A living will should be prepared separately from your last will and testament. Your last will and testament only takes effect [...]

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Cecil Kilpin | July 2023 Newsletter

By |2023-09-19T15:08:09+02:00August 20th, 2023|Business, Finance + Economics, Goverment, Newsletter, Tax|

New Chief Director of Tax Policy at the Ministry of Finance. Ms Yanga Mputa has been appointed as the new Chief Director of Tax Policy at the Ministry of Finance. Ms Mputa has a wealth of experience in tax administration and policy, having served as a senior manager at the South African Revenue Service (SARS) and as a tax consultant at PwC. She holds a Master of Commerce degree in Taxation from the University of Cape Town and a Bachelor of Accounting Science degree from the University of South Africa. Ms Mputa will be responsible for overseeing the development and implementation of tax policy reforms, as well as engaging with various stakeholders, including the National Treasury, Parliament, civil society and 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 | April 2023 Newsletter

By |2023-04-26T11:28:02+02:00April 26th, 2023|Business, Finance + Economics, Goverment, Newsletter|

Employer Annual Declarations (EMP501): Due 31 May 2023 Employers are required to submit their annual reconciliation declarations (EMP501) that reflect accurate and the latest payroll information about their employees, monthly employer declarations  (EMP201) for PAYE, UIF and SDL; payments made (excluding penalties and interest paid); and employee tax certificates (IRP5/IT3(a)s generated, covering the full tax year from 1 March 2022 to 28 February 2023. To make it easier for you to reconcile, easily and conveniently we would like to draw your attention to essential information that you need to know: Before submitting the annual EMP501 for 2023, employers must submit all outstanding monthly declarations (EMP201) and annual reconciliations (EMP501), as well as make all payments due Employers, Tax Practitioners and [...]

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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 | February 2023 Newsletter

By |2023-02-07T19:43:46+02:00February 7th, 2023|Business, Finance + Economics, Goverment, Newsletter|

Budget Date Set for 22nd February. The Minister of Finance, Mr Enoch Godongwana, will deliver the National Budget Speech on 22 February 2023. As usual, the budget allocation always aims to strike a balance between competing national spending priorities and limited resources. This budget promises to be a tough balancing act, with little or no wiggle room. The following key areas need to be addressed: Municipal finances Government spending priorities and what these should be Addressing a large budget deficit Stabilising State-Owned Entity finances Managing the energy crisis Tax revenues Debt sustainability We will keep you informed on all relevant budget announcements. 2023 SARB Economic Outlook (MPC Extract). As this [...]

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Cecil Kilpin | January 2023 Newsletter

By |2023-01-24T16:40:26+02:00January 24th, 2023|Business, Finance + Economics, Goverment, Newsletter, Tax|

Administrative Penalties for Late Submission of Tax Returns. With effect from 1 December 2022*, administrative penalties relating to the late submission of a tax return will be charged when one or more tax return(s) relating to tax years from 2007 up to 2020 are outstanding. Prior to this change, taxpayers were only liable for administrative penalties for late submission if they had two or more tax returns outstanding for these tax years. Incidences of non-compliance subject to a fixed amount penalty: Individuals (Personal Income Tax) – From 1 December 2022 if a natural person failed to submit an income tax return for years of assessment from 2007 onwards when that person has one or more income tax returns [...]

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