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Cecil Kilpin | July 2021 Newsletter

By |2021-09-13T15:54:38+02:00Jul 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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Cecil Kilpin | May 2021 Newsletter

By |2021-05-30T21:32:13+02:00May 30th, 2021|Business, Finance + Economics, Goverment, Newsletter, Tax|

Doing Business in South Africa – Our New Normal The economic effects of the coronavirus crisis have been extensive in South Africa (SA) and a recovery to pre-pandemic levels will take several years. While it is forecast that the SA economy will recover marginally in 2021, it is likely to be uneven and subdued. From a global perspective, the exceptionally accommodative policies in many advanced economies and improved economic outlooks have supported a partial recovery in global financial markets. This has so far resulted in only a trickle of fresh capital flows to emerging markets, and financing conditions remain uncertain. This, together with the sharp rise in SA’s public financing needs, arising from falling tax revenue and higher [...]

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Cecil Kilpin | March 2021 Newsletter

By |2021-05-25T11:50:47+02:00Mar 25th, 2021|Business, Finance + Economics, Goverment, Newsletter, Tax|

Asset Tokenization As emerging technologies become more accepted and established throughout society, old problems become solved and new opportunities start to arise. Blockchain has been around for over a decade and has been popularized mostly through its association with cryptocurrencies. Offering numerous benefits, new applications of blockchain are constantly being researched in the hopes of disrupting industries. One of these applications is that of tokenization – specifically, the tokenization of assets. Firstly, what is asset tokenization? Effectively, it is the taking of a physical asset and converting it into a digital medium which is represented as a token on the blockchain. Each token also contains the associated ownership rights of the asset. For example, a house worth R1 [...]

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Cecil Kilpin | February 2021 Newsletter

By |2021-05-25T11:47:15+02:00Mar 1st, 2021|Business, Finance + Economics, Goverment, Newsletter, Tax|

Tax Guide for 2021 / 2022 Click the PDF icon or the button below to view & download our latest Tax Guide. Any of the five partners can be contacted regarding your specific tax requirements. In addition we have tax consultants and tax compliance officers specifically equipped to deal with tax matters. Download Tax Guide Ensuring an Affordable Public-Service Wage Bill The sustainability of the public finances will depend heavily on government’s ability to reduce growth in the public-service wage bill. Compensation accounted for about 34 per cent of consolidated spending in 2019/20. Between 2006/07 and 2019/20, compensation was one of the fastest-growing spending items, increasing faster than GDP growth. As outlined in previous editions [...]

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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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