South African Reserve Bank

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Cecil Kilpin | May 2023 Newsletter

By |2023-05-29T13:10:46+02:00May 29th, 2023|Business, Environmental, Finance + Economics, Goverment, Innovation & I.T, Newsletter, Tax|

Cybercrime and the Role of Directors. The recent pandemic has seen a dramatic move towards the use of technology in the business world. While the use of technology has in some instances increased productivity and eased the way of doing business, cybercrime has become is a global phenomenon with company data being hacked on an all to regular basis. The big question is who is responsible for the safety of data and privacy of information. South Africa has world class legislation which at times does not deter cyber criminals due to the lack of enforcement by authorities. Legislation clearly puts the onus on directors of a company to take all reasonable steps to protect sensitive data. Directors duties [...]

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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 | April 2022 Newsletter

By |2022-04-06T09:30:24+02:00April 6th, 2022|Business, Environmental, Finance + Economics, Newsletter, Tax|

Restructuring Corporate Income Tax The 2020 Budget announced government’s intention to restructure the corporate income tax system by reducing avoidance opportunities and expanding the tax base, while lowering the headline tax rate. South Africa’s interest limitation rules also need to be better aligned with OECD/G20 recommendations on base erosion and profit shifting. Government proposed restricting the use of assessed losses. The offsetting of the balance of assessed losses brought forward will be limited to 80 per cent of taxable income. This means that companies with an assessed loss balance that matches or exceeds their current‐year taxable income will need to pay tax on 20 per cent of their taxable income. The proposal does not increase companies’ tax liability [...]

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Cecil Kilpin | February 2022 Newsletter

By |2022-02-03T10:01:32+02:00February 3rd, 2022|Business, Environmental, Finance + Economics, Newsletter, Tax|

2022 Budget Tips - Make Your Voice Count The Minister of Finance, Mr Enoch Godongwana, will deliver his inaugural National Budget Speech on 23 February 2022. As usual, the budget allocation always aims to strike a balance between competing national spending priorities. It is in this context that Minister Godongwana invites South Africans to share their suggestions on the Budget – what should the government be spending the money on, how to address a large budget deficit, new sources of tax revenues, and other Budget-relevant information. Minister Godongwana looks forward to your contributions. NB: Contributions can be sent through - National Treasury website here: https://bit.ly/3ruszsi Twitter: @TreasuryRSA Facebook: National Treasury RSA with the hashtag #TipsForMinFin and #Budget2022 [...]

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