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Business Concept

SMEs – What You Need to Know About the VAT Rate Increase

For the first time in 25 years, South Africans were hit with a value-added tax (VAT) rate increase – from 14% to 15% – further increasing the cost of living for consumers and leaving them with less disposable income to support local small businesses. (more…)

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taxbill

SARS’ clarity on understatement penalties and consequences for taxpayers

By Brigitte Zegwaard, Senior tax consultant, BDO. On 28 March 2018, SARS released a guide on understatement penalties (the SARS Guide). The SARS Guide is welcomed and provides practical guidance on how SARS determines the amount of the penalty to be imposed and the various factors it must consider when doing so. This is of […]

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budgettaxsq

Advice for provisional taxpayers who have missed the tax deadline

Are you a provisional taxpayer who recently awoke in the dead of night in a cold sweat with the realisation that you missed the 28 February 2018 provisional tax deadline? Or do you have a sinking feeling that you should have submitted a provisional return but didn’t? Either way, burying your head in the sand […]

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Simone Esch, senior tax advisor, Bowmans

New global tax reporting requirements for SA multinationals

By Simone Esch, senior tax advisor, Bowmans Over 100 countries, including South Africa, are implementing stringent new reporting requirements to ensure that multinational companies’ profits are taxed in the jurisdictions where they are generated. Companies affected by the new transfer pricing and reporting requirements should waste no time in ensuring their compliance. South Africa has […]

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Westbrooke raises R565 million as investors take advantage of S12J tax incentive

Westbrooke raises R565 million as investors take advantage of S12J tax incentive

  Westbrooke Alternative Asset Management, South Africa’s largest Section 12J manager, has confirmed that it has recently successfully closed its 2018 fiscal year  fundraise, with over R565 million raised across four S12J investment strategies. (more…)

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Minister of Finance, Mr Nhlanhla Nene

SARS collects R1 216.6 billion in the financial year 2017/18

The South African Revenue Service collected an amount of R1 216.6 billion in the financial year 2017/18. This was announced today at a press conference by the Minister of Finance, Nhlanhla Nene. “It should be noted that these are preliminary results, which will be subject to final audit. The preliminary result is very close within 0.06% […]

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Table 1 - extra

How the VAT increase will affect your next braai

The South African braai – a pastime for all seasons. In our diverse nation, this is truly an activity all can relate to. As we edge closer to 1 April 2018 it seems that this delightful pastime will come at an increased cost.  (more…)

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Yusuf Bodiat

VAT rate increase and the impact on the short-term insurance industry

By Yusuf Bodiat, Lion of Africa Insurance. Value-added tax (VAT) was introduced in South Africa in September 1991 to replace General Sales Tax (GST) as an indirect tax. VAT was imposed at a statutory rate of 10%, and then increased to 14% in 1993. Since then, the rate of the tax charge has not changed, until […]

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