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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 | May 2018 Newsletter

By |2018-05-09T13:05:11+02:00May 7th, 2018|Finance + Economics, Goverment, Newsletter, Tax, Vat|

The Davis Tax Committee Concludes Its Work The Davis Tax Committee (DTC) has announced the conclusion of its work and the publication of the following four final reports: VAT (replaces the first VAT report); Corporate income tax (CIT); Public benefit organisations (PBO’s); Wealth tax. The reports are based on the mandate of the DTC as per its Terms of Reference. The PBO and wealth tax reports were done in addition to the specified items in the Terms of Reference. The DTC does not require any further input on the four reports that have now been published as the reports have been finalised.It is important to note that, as mentioned in the Terms of Reference of the DTC, “the Committee is advisory in nature, and will make recommendations to [...]

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Cecil Kilpin | March 2018 Newsletter

By |2018-03-08T15:15:53+02:00Mar 4th, 2018|Finance + Economics, Goverment, Newsletter, Tax, Vat|

Budget Speech Review - Focus on Value Added Tax While there were a number of changes announced in the recent budget speech, none were as significant as the increase in the standard rate of VAT from 14 to 15%. While largely anticipated the practical implications need to be reviewed in order to ensure compliance from a vendor perspective, and to gain a better understanding from a consumer perspective. Accordingly this newsletter is dedicated to some of the more pertinent issues arising from the increase. TRANSACTION DATE The VAT rate to apply depends on the time of supply rules. in simple terms, this is the date on which the transaction is deemed to occur according to the VAT Act. The general time of supply rule is [...]

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Cecil Kilpin | July 2017 Newsletter

By |2017-07-16T10:31:45+02:00Jul 6th, 2017|Tax|

TAX SEASON 2017 NOW OPEN Tax Season 2017 officially opened on Saturday, 1 July 2017 for eFilers. To assist you we have prepared some helpful information below. Not everyone needs to file an income tax return. Taxpayers do not have to submit an income tax return if: Their total salary for the year before tax is not more than R350 000 They only receive employment income from one employer for the full year of assessment They have no other form of income They don’t have any additional allowable tax deductions to claim Ensure that you have all your documents ready: Proof of income such as: IRP5/IT3(a) from your employer or pension fund Tax certificates for investment income IT3(b) Tax Free Investments certificate(s) IT3(s) Financial statements [...]

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