Employment Tax Incentive

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Cecil Kilpin | March 2022 Newsletter

By |2022-03-07T16:13:40+02:00Mar 7th, 2022|Business, Environmental, Finance + Economics, Newsletter, Tax|

2022/2023 Budget Highlights The Minister of finance Enoch Godongwana tabled his Budget review on the 23 rd February 2022. The following were the key tax issues arising. Personal Income Tax: Inflationary relief through a 4.5 percent adjustment in the tax brackets and rebates Employment Tax Incentive: Expanded through a 50 percent increase to a R1 500 per month Fuel & RAF Levies: No change to the general fuel levy or the Road Accident Fund (RAF) levy Excise Duties: Increases of between 4.5 percent and 6.5 percent on alcohol and tobacco Corporate Income Tax: Effective for tax years ending on or after 31 March 2023 the rate is reduced to 27% Disclosure of Wealth: It is proposed that all provisional taxpayers with assets above R50 [...]

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Cecil Kilpin | Setember 2021 Newsletter

By |2022-01-19T17:02:14+02:00Oct 7th, 2021|Business, Finance + Economics, Goverment, Newsletter, Tax|

Medium Term Budget Policy Statement (MTBPS) set for the 4th of November 2021 Newly appointed Minister of Finance, Mr Enoch Godongwana. Will table the MTBPS on the 4th of November at 14h00. The MTBPS sets out the policy framework for the Budget that is presented every February, updates National Treasury's economic forecasts, adjusts the budgets of government departments and makes emergency changes to spending. The minister faces a tough challenge to balance the books. South Africa was facing an uphill battle prior to the pandemic and has pretty much exhausted all avenues of emergency funding to help the man in the street survive. At the recent National Investment Dialogue, the Minister presented a speech titled “Investment Challenges and Opportunities [...]

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Cecil Kilpin | August 2021 Newsletter

By |2022-01-19T16:45:20+02:00Sep 13th, 2021|Business, Finance + Economics, Newsletter, Tax|

Revising Your Estate Plan While one should review their estate plan annually, here are some key events which should ring a bell for an estate planner to revise their estate plan: Divorce  The Wills Act states that except where expressly otherwise provided, a bequest to a divorced spouse will be deemed revoked if the testator dies within three months of the divorce. This provision is to allow a divorced person a period of three months to amend their Will, after the trauma of a divorce. Should he/she fail to amend their Will within three months after their divorce, the deemed revocation rule will fall away, and the divorced spouse will benefit as indicated in the Will In addition, review beneficiary nominations on [...]

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

By |2022-01-20T12:33:10+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 | March 2019 Newsletter

By |2022-01-20T14:16:34+02:00Mar 8th, 2019|Accounting, Business, Finance + Economics, Goverment, Newsletter, Tax|

Corporate Governance and The Prescribed Officer Corporate governance is under scrutiny like never before in South Africa. While most people believe that it is only appointed directors of a company who can be held personally liable, the Companies Act provides for a wider definition and includes Prescribed Officers.A Prescribed Officer is a title created by the 2008 Companies Act and is anyone who fulfils the role of a director but who is operating (intentionally or otherwise) under a different designation.Regulation 38 states that, despite not being a director of a particular company, a person is a “prescribed officer” of the company for all purposes of the Act, if that person: Exercises general executive control over the management of the whole, or a significant portion, of [...]

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