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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 | 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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