Cecil Kilpin | October 2024 Newsletter
SMEs Embrace AI to Boost Efficiency and Competitiveness. Berlin, October 2023 - Small and medium-sized enterprises (SMEs) are increasingly turning to artificial intelligence (AI) to enhance their operations, improve customer experiences, and stay competitive in a rapidly evolving market. A recent study published in the Journal of Business Management highlights the key AI [...]
Cecil Kilpin | September 2024 Newsletter
Tax Implications of Withdrawing from Two-Pot Retirement System. Starting from 1 September 2024, individuals planning to withdraw from the savings pot of the Two-Pot Retirement System must be registered for tax. Unregistered individuals must complete their registration before applying to their relevant fund, as unregistered requests will be rejected by SARS. [...]
Cecil Kilpin | August 2024 Newsletter
National Treasury Welcomes Signing of Pension Funds Amendment Act. National Treasury expressed its satisfaction as the President signed the Pension Funds Amendment Act (31 of 2024) into law, marking the final step in implementing the two-pot system set to begin on 1 September 2024. This act introduces crucial changes to various pension-related [...]
Cecil Kilpin | July 2024 Newsletter
CIPC Implements Stricter Beneficial Ownership Declaration Requirements for Companies and Close Corporations. In a recent media release, the Companies and Intellectual Property Commission (CIPC) announced the enforcement of stricter regulations regarding the filing of Beneficial Ownership Declarations with Annual Returns for companies and close corporations. This move is in response to the [...]
Cecil Kilpin | June 2024 Newsletter
SARS Introduces Automated Process for Trust Dispute Resolutions. In April 2024, an automated process for Trust taxpayers was introduced on eFiling to electronically submit documentation to lodge a dispute via a fully guided process. This applies to the following transactions: Submission of Request for Reasons Request for [...]
Cecil Kilpin | May 2024 Newsletter
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 [...]
Cecil Kilpin | April 2024 Newsletter
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: [...]
Cecil Kilpin | February 2024 Newsletter
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 [...]
Cecil Kilpin | January 2024 Newsletter
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 [...]
Cecil Kilpin | December 2023 Newsletter
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 [...]