Cecil Kilpin | January 2023 Newsletter
Administrative Penalties for Late Submission of Tax Returns. With effect from 1 December 2022*, administrative penalties relating to the late submission of a tax return will be charged when one or more tax return(s) relating to tax years from 2007 up to 2020 are outstanding. Prior to this change, taxpayers were only [...]
Cecil Kilpin | December 2022 Newsletter
Overview of Monetary Policy Committee Statement. High inflation and weak economic growth continue to shape global conditions alongside monetary and fiscal policy responses. Russia’s war in the Ukraine drags on, impairing trade and raising prices of a wide range of energy, food and other commodities. Growth in the United States is set [...]
Topic: 2022 Medium Term Budget Policy Statement
The supportive global conditions that spurred the economic recovery in 2021 are dissipating, and domestic shocks – Particularly power cuts – have lowered economic growth and confidence. A broad slowdown in global growth and high inflation are forecast. Rapid and decisive implementation of structural reforms, especially in the energy sector, supported by a clear [...]
Cecil Kilpin | October 2022 Newsletter
DIRECTOR’S ROLE AMIDST RECENT TRENDS IN THE BUSINESS WORLD. Some of the recent trends in the business world, which directors should take cognisance of, are: Environmental, social and governance (ESG): This is an approach to evaluating and operating businesses that goes beyond the sole focus of shareholder return. ESG has three main [...]
Cecil Kilpin | September 2022 Newsletter
WHO NEEDS TO DO ESTATE PLANNING? Many may think that they are not old enough or wealthy enough to warrant doing any estate planning. However, if a person is over the age of eighteen, no matter how small his estate is, it is advisable to begin the process. All persons 16 years [...]
Cecil Kilpin | August 2022 Newsletter
Wealth Tax to fund Basic Income Grant (BIG)? There have recently been calls for a wealth tax to fund BIG. While it is readily acknowledged that South Africa is the most unequal society in the world, The implementation of a wealth tax is not that easily achieved. The Davis Tax Committee in [...]
Cecil Kilpin | July 2022 Newsletter
Doing Business In South Africa .. An Overview! The South African gross domestic product (GDP) expanded by 1,9% in the first quarter of 2022, representing a second consecutive quarter of upward growth. The size of the economy is now at pre-pandemic levels, with real GDP slightly higher than what it was before [...]
Cecil Kilpin | June 2022 Newsletter
Environmental, Social and Governance (ESG) versus Friedman Doctrine and the SME The Friedman doctrine is a theory advanced by economist Milton Friedman which holds that the social responsibility of a business is to increase its profits. This approach views shareholders as the economic engine of the organization and the only group to [...]
Cecil Kilpin | May 2022 Newsletter
StatsSA Releases Latest Producer Price Inflation (PPI) Figures The following producer price inflation (PPI) statistics were published on 28 April by StatsSA, reflecting the inflationary pressures being felt throughout the world. Final Manufactured Goods Annual producer price inflation increased to 11,9% in March 2022, from 10,5% in February 2022. The main [...]
Cecil Kilpin | April 2022 Newsletter
Restructuring Corporate Income Tax The 2020 Budget announced government’s intention to restructure the corporate income tax system by reducing avoidance opportunities and expanding the tax base, while lowering the headline tax rate. South Africa’s interest limitation rules also need to be better aligned with OECD/G20 recommendations on base erosion and profit shifting. [...]