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Cecil Kilpin | April 2024 Newsletter

By |2024-04-18T12:12:59+02:00April 18th, 2024|Accounting, Business, Environmental, Finance + Economics, Newsletter, Tax|

Employer Annual Declarations (EMP501): 1 April to 31 May 2024. As an employer, it’s essential to stay informed about your tax obligations. The Employer Annual Declaration period is a crucial time when you need to submit accurate information to the South African Revenue Service (SARS). Let’s dive into the details: What is the Employer Annual Declaration (EMP501)? The EMP501 is an annual reconciliation declaration that employers must submit. It provides SARS with up-to-date payroll information about their employees. During this period, employers review their records, ensure accuracy, and report the necessary details. Key Dates: Opening Date: The Employer Annual Declaration period opens on 1 April 2024 Closing Date: Employers have until 31 May 2024 to complete and submit their [...]

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Cecil Kilpin | January 2024 Newsletter

By |2024-02-05T10:39:17+02:00January 31st, 2024|Business, Environmental, Finance + Economics, Newsletter, Vat|

Budget 2024/ 2025 Scheduled for February 2024. The minister of finance will table his budget proposals on February 28th, 2024. Some of the key predictions on the back of an election year are as follows: Interest Rates: There is speculation that the South African Reserve Bank (SARB) will cut interest rates in 2024. The expectation is that there will be two 25bp rate cuts in the second half of 2024 Inflation: Questions remain over whether high inflation will return to normal levels. There are arguments that inflation will remain elevated as wages and spending rise faster than before the pandemic Fiscal Outlook: The finance minister has indicated that spending cuts and increased borrowing (not higher taxes) can be expected. [...]

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Cecil Kilpin | December 2023 Newsletter

By |2023-12-20T14:16:53+02:00December 20th, 2023|Business, Environmental, Finance + Economics, Newsletter, Vat|

Beneficial Ownership. CIPC (Companies and Intellectual Property Commission) is an agency that regulates the registration and compliance of companies and intellectual property. One of its functions is to keep a register of beneficial ownership (BO) for companies and close corporations. A beneficial owner is a natural person who ultimately owns or controls a legal entity, such as a company or a close corporation. The CIPC requires any person with more than 5% beneficial ownership of a company or close corporation to file their BO information with the CIPC. CIPC has implemented a beneficial ownership interface with effect from 11 December 2023, which means that clients have to file their BO information before filing their annual returns. The interface also validates whether the [...]

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Cecil Kilpin | September 2023 Newsletter

By |2023-09-19T15:07:45+02:00September 19th, 2023|Business, Finance + Economics, Goverment, Newsletter|

What You Need to Know About Living Wills. A living will is not the same as a last will and testament. A living will is a document that lets you express your preferences for medical care in case you become unable to communicate them yourself. A living will can help you avoid unwanted or unnecessary interventions, such as life support, resuscitation, or tube feeding, that may prolong your suffering or go against your values. A living will can also help your family and doctors make difficult decisions on your behalf, and reduce the potential for conflicts or disputes. A living will should be prepared separately from your last will and testament. Your last will and testament only takes effect [...]

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Cecil Kilpin | July 2023 Newsletter

By |2023-09-19T15:08:09+02:00August 20th, 2023|Business, Finance + Economics, Goverment, Newsletter, Tax|

New Chief Director of Tax Policy at the Ministry of Finance. Ms Yanga Mputa has been appointed as the new Chief Director of Tax Policy at the Ministry of Finance. Ms Mputa has a wealth of experience in tax administration and policy, having served as a senior manager at the South African Revenue Service (SARS) and as a tax consultant at PwC. She holds a Master of Commerce degree in Taxation from the University of Cape Town and a Bachelor of Accounting Science degree from the University of South Africa. Ms Mputa will be responsible for overseeing the development and implementation of tax policy reforms, as well as engaging with various stakeholders, including the National Treasury, Parliament, civil society and the [...]

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Cecil Kilpin | December 2022 Newsletter

By |2022-12-15T16:56:15+02:00December 15th, 2022|Business, Finance + Economics, Goverment, Newsletter, Tax|

Overview of Monetary Policy Committee Statement. High inflation and weak economic growth continue to shape global conditions alongside monetary and fiscal policy responses. Russia’s war in the Ukraine drags on, impairing trade and raising prices of a wide range of energy, food and other commodities. Growth in the United States is set to weaken, and remains low in China. Although energy constraints have eased somewhat in the Euro Area, recession risk is high. Additionally, a number of developing economies face debt distress, exacerbated by tighter global financial conditions. Policy normalisation has accelerated, and monetary conditions are likely to tighten further to ensure inflation declines from its current high rates. With long-term borrowing costs high and fiscal positions extended, [...]

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Cecil Kilpin | September 2022 Newsletter

By |2022-09-26T16:35:27+02:00September 26th, 2022|Business, Finance + Economics, Goverment, Newsletter, Tax|

WHO NEEDS TO DO ESTATE PLANNING? Many may think that they are not old enough or wealthy enough to warrant doing any estate planning. However, if a person is over the age of eighteen, no matter how small his estate is, it is advisable to begin the process. All persons 16 years and older are competent to make a Last Will and Testament, in order to determine how their estate should devolve upon their death (where applicable). Where an estate planner is “at” in life, will determine his/her strategic plan for his/her estate, and which techniques to use in order to implement in the plan. An estate planner may be single, married, divorced, or separated. He/she may have [...]

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Cecil Kilpin | August 2022 Newsletter

By |2022-08-15T15:46:47+02:00August 15th, 2022|Business, Finance + Economics, Goverment, Newsletter, Tax|

Wealth Tax to fund Basic Income Grant (BIG)? There have recently been calls for a wealth tax to fund BIG. While it is readily acknowledged that South Africa is the most unequal society in the world, The implementation of a wealth tax is not that easily achieved. The Davis Tax Committee in its final reports recommended the following: Firstly, a comprehensive wealth tax cannot be successfully introduced until a comprehensive picture of wealth is obtained hence the recommendation for SARS to collect better information on wealth. Secondly, a significant amount of wealth is held in retirement funds. It is hardly progressive to tax workers savings as part of a wealth tax hence the need to obtain better information [...]

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Cecil Kilpin | June 2022 Newsletter

By |2022-06-10T11:47:27+02:00June 9th, 2022|Business, Environmental, Finance + Economics, Goverment, Newsletter, Tax|

Environmental, Social and Governance (ESG) versus Friedman Doctrine and the SME The Friedman doctrine is a theory advanced by economist Milton Friedman which holds that the social responsibility of a business is to increase its profits. This approach views shareholders as the economic engine of the organization and the only group to which the firm is socially responsible. decide such matters for them. The Friedman doctrine has been very influential in the corporate world. The World Economic Forum, on the other hand is a staunch supporter of ESG which in its simplest form promotes that a corporation exists for benefit of all stakeholders. Stakeholders is a broad term, but from a corporation’s perspective this would include inter alia [...]

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Cecil Kilpin | July 2021 Newsletter

By |2022-01-19T16:46:43+02:00July 30th, 2021|Business, Finance + Economics, Goverment, Newsletter, Tax|

SASRIA & Fiscal Budget The South African Special Risks Insurance Association (SASRIA) will form a key part of the intervention to help insured businesses restore their operations. Together with reinsurers, SASRIA has already begun its claim administration process. Pay-outs will be provided to all covered businesses. Crucially, government has decided to provide full financial backing to SASRIA should it exceed its solvency limits. The National Treasury is putting in place the necessary arrangements to ensure that this commitment is met should it be needed. Qualifying uninsured businesses will be supported by the state, partly through a reprioritisation of the existing support mechanisms for Small Medium and Micro Enterprises (SMMEs). The Government is also engaging with relevant stakeholders (NEDLAC, banks, insurance companies and [...]

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