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Cecil Kilpin | August 2017 Newsletter

By |2022-01-21T11:12:08+02:00Aug 3rd, 2017|Business, Finance + Economics, Newsletter, Tax|

SARS PUBLISHES DRAFT TAX AMENDMENT BILLS National Treasury and SARS have published, for public comment, various tax amendment bills. Together with the 2017 Draft Rates, Monetary Amounts and Amendment of Revenues Laws Bill published on 22 February 2017, these three draft Bills give effect to the tax proposals announced in the Budget Review. The two draft Bills released include most of the more complex and administrative tax proposals but exclude the proposals dealt with in the 2017 Draft Rates Bill, such as: changes to the personal income tax brackets, rates and excise duties and the introduction of the Health Promotion Levy (the proposed sugary beverage tax).Some of the key tax proposals contained in the 2017 Draft bills are: A higher fringe benefit exemption for bursaries [...]

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Cecil Kilpin | May 2016 Newsletter

By |2022-01-21T12:26:58+02:00Apr 28th, 2016|Newsletter|

SARS Collections Exceed R1 Trillion: For the first time in the history of South Africa, tax collections have exceeded one trillion rand.In spite of difficult economic conditions, The South African Revenue Services (SARS) recently announced that it had met its tax collection target, collecting a record R1.0699 trillion in taxes in 2015. This was mainly due to a much improved operating model with more efficient services and systems, ensuring that tax payers have had to become more compliant. Some features of SARS’ new operating model include: Re-alignment the organisation e.g. Customer and Excise is now a branch of SARS, thereby playing a vital role in the defence against illicit economy A ‘one-stop-shop approach’, making all tax services accessible from individual SARS offices Streamlining compliance requirements, [...]

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