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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 | 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 | Further Tax Measures To Combat The Covid-19 Pandemic

By |2022-01-20T12:33:10+02:00April 29th, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax, Vat|

  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 levy contributions Fast-Tracking of Value-Added Tax (VAT) Refunds: Smaller VAT vendors that are in a net refund position will be temporarily permitted to file monthly instead of once every two months, thereby unlocking the input tax refund faster and immediately helping with cash-flow Three-month Deferral for Filing and First Payment of Carbon Tax Liabilities: To provide additional time to complete the first return, as well as cash flow relief [...]

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Cecil Kilpin | May 2018 Newsletter

By |2022-01-21T09:53:35+02:00May 7th, 2018|Finance + Economics, Goverment, Newsletter, Tax, Vat|

The Davis Tax Committee Concludes Its Work The Davis Tax Committee (DTC) has announced the conclusion of its work and the publication of the following four final reports: VAT (replaces the first VAT report); Corporate income tax (CIT); Public benefit organisations (PBO’s); Wealth tax. The reports are based on the mandate of the DTC as per its Terms of Reference. The PBO and wealth tax reports were done in addition to the specified items in the Terms of Reference. The DTC does not require any further input on the four reports that have now been published as the reports have been finalised.It is important to note that, as mentioned in the Terms of Reference of the DTC, “the Committee is advisory in nature, and will make recommendations to [...]

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Cecil Kilpin | March 2018 Newsletter

By |2022-01-21T10:02:04+02:00March 4th, 2018|Finance + Economics, Goverment, Newsletter, Tax, Vat|

Budget Speech Review - Focus on Value Added Tax While there were a number of changes announced in the recent budget speech, none were as significant as the increase in the standard rate of VAT from 14 to 15%. While largely anticipated the practical implications need to be reviewed in order to ensure compliance from a vendor perspective, and to gain a better understanding from a consumer perspective. Accordingly this newsletter is dedicated to some of the more pertinent issues arising from the increase. TRANSACTION DATE The VAT rate to apply depends on the time of supply rules. in simple terms, this is the date on which the transaction is deemed to occur according to the VAT Act. The general time of supply rule is [...]

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