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Cecil Kilpin | July 2018 Newsletter

By |2022-01-20T15:00:19+02:00July 5th, 2018|Business, Finance + Economics, Goverment, Newsletter, Tax|

CIPC Launches Digital Financial Reporting Solution The ease of doing business and particularly reducing the regulatory burden for businesses received a boost with the launch of Companies and Intellectual Property Commission (CIPC’s) Extensible Business Reporting Language (XBRL), a Digital Financial Reporting Solution at the Johannesburg Stock Exchange (JSE) in Sandton. The system will allow companies to file Annual Financial Statements using this mechanism and the data could be shared across the regulatory spectrum for multiple purposes. Speaking at the launch of the XBRL, the Minister of Trade and Industry, Dr Rob Davies said while there are many challenges with the Fourth Industrial Revolution, it does offer the possibilities of improving governance. According to Davies, the Extensible Business Reporting Language (XBRL) will align the submission of [...]

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Cecil Kilpin | December 2017 Newsletter

By |2022-01-21T10:30:40+02:00December 8th, 2017|Business, Finance + Economics, Tax|

Davis Tax Committee (DTC) Publishes Final Reports The Davis Tax Committee was established in 2013 to review what role the tax system can play in addressing the following key issues amongst others: Economic growth Unemployment, poverty and inequality Small business growth Corporate tax base erosion and profit shifting In this context the following six final reports have been published: Funding of tertiary education in South Africa Financing a National Health Insurance (NHI) for South Africa Second and final report on base erosion and profit shifting Second and final report on hard-rock mining Oil and gas report coupled with an IMF report on the same topic for the DTC Tax Administration Given the importance (and potential impact) of these issues, we will summarise the key findings [...]

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Cecil Kilpin | November 2017 Newsletter

By |2022-01-21T10:39:42+02:00November 3rd, 2017|Business, Finance + Economics, Goverment, Newsletter, Tax|

"REVIEW: MEDIUM TERM BUDGET POLICY SPEECH" Overview There was not much good news, with revenue shortfalls projected in 2017/18 to be R50 billion, R69 billion in 2018/19 and R89 billion in 2019/20. So, a collective shortfall over the next three years of over R200 billion, with limited detail on how to fund it. There is mention of the sale of state assets to fund the SAA bailouts etc. There appears to be no concrete plan of action besides the possible sale of some Telkom shares.We appear to be stuck in a low growth trap, with limited vision for a way forward. There is immense political pressure to act in accordance with the wishes of key political figures and it appears that only a radical change [...]

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Cecil Kilpin | July 2017 Newsletter

By |2022-01-21T11:20:54+02:00July 6th, 2017|Tax|

Tax Season 2017 Now Open Tax Season 2017 officially opened on Saturday, 1 July 2017 for eFilers. To assist you we have prepared some helpful information below. Not everyone needs to file an income tax return. Taxpayers do not have to submit an income tax return if: Their total salary for the year before tax is not more than R350 000 They only receive employment income from one employer for the full year of assessment They have no other form of income They don’t have any additional allowable tax deductions to claim Ensure that you have all your documents ready: Proof of income such as: IRP5/IT3(a) from your employer or pension fund Tax certificates for investment income IT3(b) Tax Free Investments certificate(s) IT3(s) Financial statements [...]

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