Provisional Tax

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Cecil Kilpin | Government’s COVID-19 Proposal

By |2022-01-20T12:42:49+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 | February 2018 Newsletter

By |2022-01-21T10:24:50+02:00Feb 1st, 2018|Goverment, Newsletter, Tax|

Budget Preview Minister Gigaba will present his first full budget speech on the 21st February 2018. This has to be one of the most important budget speeches announced post-democracy - one that could make or break our fragile economy. The scale of funding the budget deficit alone is daunting, set against a backdrop rebuilding investor confidence in “brand South Africa”. The starting point, according to the medium term budget speech, is the funding of a budget deficit in excess of R50 billion. Then Zuma’s bombshell announcement of free education has really set the cat amongst the pigeons. According to the Davis Tax Committee we would need at least an additional R60 Billion per annum to fund this. Treasury has bandied about figures of between R12 [...]

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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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