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

By |2020-12-03T06:51:32+02:00Apr 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 |2018-05-09T13:05:11+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 |2018-03-08T15:15:53+02:00Mar 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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