"PAY YOUR TAXES OR PAY THE PRICE" SARS has announced an intensified drive to clamp down on non-compliant tax payers by intensifying criminal proceedings. There has been a significant increase in non-compliance, resulting partly in SARS not meeting revenue collection targets. It is a criminal offence not to submit tax returns and could result in [...]
WHAT IS ESTATE PLANNING? “In the world, nothing can be said to be certain, except death and taxes” Benjamin Franklin So, with absolute certainty we know we can plan for this event! In today’s world planning for death is only part of this complex and dynamic process. Below is a brief outline of the estate [...]
SARS PUBLISHES DRAFT TAX AMENDMENT BILLS National Treasury and SARS have published, for public comment, various tax amendment bills. Together with the 2017 Draft Rates, Monetary Amounts and Amendment of Revenues Laws Bill published on 22 February 2017, these three draft Bills give effect to the tax proposals announced in the Budget Review. The two [...]
Tax Season 2017 Now Open Tax Season 2017 officially opened on Saturday, 1 July 2017 for eFilers. To assist you we have prepared some helpful information below. Not everyone needs to file an income tax return. Taxpayers do not have to submit an income tax return if: Their total salary for the year before tax [...]
Financial Intelligence Centre Amendment Bill Signed into Law Following a long delay, President Zuma finally signed the Financial Intelligence Centre Amendment Bill into law at the end of April 2017. The bill is required for South Africa to meet its international commitments with the Financial Action Task Force (FATF).The amendments to the Financial Intelligence Centre [...]
Update on the Twin Peaks Bill The Competition Commission recently referred three South African banks and several foreign-owned banks to the Competition Tribunal because of their alleged involvement in price-fixing.These banks are accused by the Competition Commission of manipulating the price of the Rand when selling and buying Dollars. Price-fixing was conducted by creating fictitious [...]
2017 Budget Speech – Highlights Finance Minister, Pravin Gordhan, began his 2017 budget speech by emphasizing the harsh reality facing South Africans: unemployment is extremely high, economic growth is slow, and many businesses and families are under considerable stress. In an effort to address this challenging situation, the tax proposals this year are expected to [...]
National Budget Day, 22nd February 2017 The Treasury recently confirmed that Finance Minister Pravin Gordhan will present South Africa’s National Budget to Parliament on Wednesday, 22nd February 2017. South Africa’s slower economy last year resulted in tax revenues falling well short of expectations, and this shortfall must now be dealt with. To ‘balance the books’, [...]
