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Corporate governance is under scrutiny like never before in South Africa. The recent SARS commission has highlighted several issues and, the most recent tax incentive review found that positive benefits are more pronounced in small firms. Read this edition of our review to learn more.
Nhlanhla Nene is the first victim of the “State Capture Enquiry”, and Tito Mboweni now stands in his place as the Minister of Finance. President Ramaphosa recently announced measures to stimulate economic activity, and on 17 September 2018, SARS implemented several changes to the Income Tax Return for Trusts (ITR12T) in respect of the year of assessment ending on 28 February 2018.
The South African economy slipped into recession during the second quarter of 2018, shrinking by 0,7% quarter-on-quarter. Even if you don’t think the current recession will impact your business you still need to have a strategic plan. We also offer some advice on going into business with a partner in this newsletter.
The land question is foremost on all South African minds, with debate raging across all spectrums. Your business may qualify for incentives from the Department of Trade and Industry (DTI), such as the Critical Infrastructure Programme, People-carrier Automotive Investment Scheme, and even Film Incentives. Check our latest newsletter here for more details.
The final word has been spoken, and the VAT changes are in full effect. Make sure that you know the details of the Davis Tax Committee’s recommendations for wealth tax, employer reconciliation and more.
The National Treasury is considering changes to the design, targeting and value of the medical tax credit as part of the policy development process for the 2018 Budget. Read this November 2017 edition of our newsletter to prepare yourself for the change.
The 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development were adopted by 193 world leaders in September 2015. How are we contributing? Tito Mboweni’s 2018 Medium Term Budget Policy Statement (MTBPS) has also recently been released, and you can read our review right here.
Trusts have recently come under the spotlight from a SARS perspective. With the recent amendments, it is important for a trustee to fully understand their role and responsibilities. The recent Steinhoff and Gupta debacle’s have also highlighted a number of issues, least of all Directors Liability and other governance issues. But was the company itself trading recklessly?
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%. We strongly advise that you seek professional advice when reviewing the implications for your business.
The National Treasury has published the Second Draft Carbon Tax Bill for introduction in Parliament, as well as public comment and convening of public hearings by Parliament, which is expected to be early in 2018. The South African Revenue Service (SARS) will engage religious institutions with the intention to investigate possible tax non-compliance in this sector.
Not everyone needs to file an income tax return – do you know where you stand? Health Minister Aaron Motsolaedi recently announced that medical scheme members are likely to lose their tax credits. Find out more in the June 2017 edition of our newsletter.