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Cecil Kilpin | October 2020 Newsletter

By |2020-12-03T06:33:24+02:00Oct 30th, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

A Social Partnership To Boost Confidence, Restart The Economy And Conduct Urgent Reforms (Extract from the Medium Term Budget Policy Statement) The economic recovery plan was developed through extensive consultations between government, business, labour and civil society. It has two broad components. A range of immediate and short-term measures will be taken to rebuild confidence, kick-start the economy and continue to mitigate the effects of the pandemic. And structural reforms will promote faster, more inclusive growth and employment over the medium to long term. Many of these reforms are drawn from government’s long-term structural reform agenda as outlined in the discussion paper that the National Treasury released in 2019 – Economic Transformation, Inclusive Growth, and Competitiveness: Towards an Economic Strategy for South Africa. Parliament approved [...]

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Cecil Kilpin | September 2020 Newsletter

By |2020-12-03T06:34:21+02:00Oct 1st, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

Economic Overview The economic effects of the coronavirus crisis have been extensive and a recovery to pre-pandemic levels will take several years. Current forecasts from the IMF show global gross domestic product (GDP) contracting by about 4.9% this year, although the general economic outlook has improved somewhat. Second quarter GDP outcomes for most economies have been massively negative, as expected. At this stage, third and fourth quarter recoveries for 2020 are expected to be robust. However, the pace of growth into 2021 could be modest, depending on control of new virus outbreaks, the extent of supply and demand losses, and future growth in investment and productivity.   The Covid-19 outbreak has had major health, social and economic impacts, presenting difficulties in forecasting domestic and global [...]

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Cecil Kilpin | August 2020 Newsletter

By |2020-12-03T06:35:15+02:00Aug 31st, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

CIPC Releases A Directors Quick Reference Guide CIPC has released a quick reference guide designed to highlight specifically, although not exclusively, critical issues of the Companies Act No. 71 of 2008 that a director should be aware of. The central message of this guide, which is divided into 10 basic markers, is that a director of a company when acting in that capacity: must not cause harm to the company; must always act in the best interests of the company; and must ensure that there is no conflict of interest between the director and the company   A director differs from a shareholder in terms of function; power and authority and is legally distinct from the company itself. A person can act in different capacities, [...]

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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 | 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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Cecil Kilpin | December 2019 Newsletter

By |2020-01-22T11:08:21+02:00Dec 18th, 2019|Business, Finance + Economics, Goverment, Newsletter, Tax|

Annual Inflation Continues to Fall A recent report from STATSA states that annual inflation eased further in November, falling to 3,6% from October’s 3,7%. This is the third successive month of disinflation, which means that the pace of price increases is slowing down. November’s reading is the lowest since December 2010 when the rate was 3,5%. The highest rate recorded since December 2010 was 7,0% in February 2016. Since the end of 2016 inflation has been on a downward trend and has remained firmly within the South African Reserve Bank’s 3%–6% monetary policy range since April 2017. Housing and utilities, miscellaneous goods and services, and food and non-alcoholic beverages were the biggest contributors to the 3,6% increase in November 2019. Food and non-alcoholic beverages’ inflation [...]

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Cecil Kilpin | August 2019 Newsletter

By |2019-08-22T10:52:40+02:00Aug 16th, 2019|Accounting, Business, Finance + Economics, Goverment, Tax|

National Health Insurance (NHI) The NHI Bill was recently promulgated amid a mixed reaction sentiment, positive and negative. While one can identify strongly with the rationale, affordability is paramount as is the management of such a fund. “National Health Insurance is a way of providing good healthcare for all by sharing the money available for healthcare among all our people. The health benefits that you receive will depend on how sick you are, not on how wealthy you are.” So, the big question is how we fund this. The bill is very thin on the funding model with vague mentions of around 5% of the national wage bill plus zero medical credits going forward. Very simply, it would appear that roughly 20% of the population [...]

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Cecil Kilpin | June 2019 Newsletter

By |2019-06-19T11:00:20+02:00Jun 19th, 2019|Business, Finance + Economics, Goverment, Newsletter, Tax|

Sustainable Development Goal 13 (SDG 13) Take urgent action to combat climate change and its impacts Carbon Tax was introduced on the 1st June 2019. The primary rationale in introducing the tax was to introduce a “Polluter Pays” system in order to deter activities that impact climate change in line with SDG 13. Climate change activism is on the increase with a number of boards of Directors being taken to task over these issues. The year 2017 was one of the three warmest on record and was 1.1 degrees Celsius above the pre-industrial period. An analysis by the World Meteorological Organization shows that the five-year average global temperature from 2013 to 2017 was also the highest on record. The world continues to experience rising sea [...]

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Cecil Kilpin | March 2019 Newsletter

By |2019-03-29T14:15:12+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 [...]

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Cecil Kilpin | December 2018 Newsletter

By |2019-02-19T14:23:18+02:00Dec 7th, 2018|Finance + Economics, Goverment, Newsletter, Tax|

Economy Grows By 2.2% Good news to end 2018 as the South African economy grew by 2,2% quarter-on- in the third quarter of 2018, bringing to an end the country’s second recession since 1994. Higher contributions to growth in a number of industries – most notably in manufacturing, transport as well as finance and business services – were enough to lift economic growth back into positive territory. The rise in economic activity in the third quarter follows two consecutive quarters of negative growth, which is a widely recognised indicator of recession. The economy slumped by 2,6% in the first quarter of 2018 and a further 0,4% in the second quarter.   Key facts from the third quarter 2018 GDP release: Expenditure on GDP increased by [...]

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