Covid-19 Outbreak

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Cecil Kilpin | May 2020 Newsletter

By |2020-12-03T06:49:20+02:00May 30th, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

DIRECTOR’S ROLE AMIDST THE COVID 19 PANDEMIC The director’s role has without a doubt become more onerous amidst the Covid-19 pandemic. However, the Companies Act makes provision for operating in a virtual world, which includes, inter alia: A signature or an initial on a document may be made by or on behalf of a person by the use of an electronic signature or an advanced electronic signature. Proxy forms, annual financial statements, prospectuses and annual reports may be lawfully created, signed, retained and sent electronically Meetings of shareholders and directors respectively may be conducted entirely by electronic communication The definition of “present at a meeting” includes a “virtual presence” or representation by electronic proxy   Directors and officers are required to be cognisant of corporate legislation pertaining to their office, and [...]

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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 | April 2020 Newsletter

By |2020-12-03T06:54:42+02:00Apr 27th, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

*IMPORTANT: This article is based on an extract from a draft government document.   Risk-Adjusted Strategy For Economic Activity Though the national lockdown has shown early evidence on how it has successfully helped to flatten the curve and limit the spread of Covid-19, there are numerous risks if the lockdown is lifted too quickly or without any strategy. Below is an excerpt given by government discussing evidence from the 1918 Spanish Influenza with regards to long-run economic consequences: "On the one hand, NPIs constrain social interactions while they are in place, and thus necessarily depress any type of economic activity that relies on such interactions. On the other hand, because the pandemic itself has severe economic consequences, by reducing the severity of the pandemic, NPIs [...]

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Cecil Kilpin | Government’s COVID-19 Proposal

By |2020-12-03T06:57:19+02:00Mar 31st, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

Deferral Of The Payment Of Employees’ Tax Liability For Tax Compliant Small To Medium Sized Businesses   In order to assist with alleviating any cash flow burden arising as a result of the COVID-19 outbreak,Government proposes the following tax measures for tax compliant small to medium sized businesses, for a limited period of four months, beginning 1st April 2020 and ending on 31st July 2020: Deferral of payment of 20% of the PAYE liability, without SARS imposing administrative penalties and interest for the late payment thereof. The deferred PAYE liability must be paid to SARS in equal installments over the six month period commencing on 1 August 2020, i.e. the first payment must be made on 7th September 2020.   For the purposes of this [...]

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Cecil Kilpin | March 2020 Newsletter

By |2020-12-03T06:59:35+02:00Mar 30th, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

Covid-19 and The Economy   Globally, a once-healthy economic growth outlook has been revised down sharply due to the outbreak and spread of Covid-19. This coronavirus will negatively affect global and domestic economic growth through the first half of 2020, and potentially longer depending on steps taken to limit its spread.     The Covid-19 outbreak will have a major health and social impact, as well as forecasting global and domestic activity presents significant uncertainty. The Chinese economy, where the virus originated, is expected to contract by 1% in the first half of 2020. Economic activity is likely to also contract in the United States and Europe as governments there take actions to contain the spread of the virus. In response to all these developments, [...]

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