In what now seems to have become an annual occurrence, the Minister of Finance, Tito Mboweni, has announced during this year’s budget speech that there will, again, be a tax revenue shortfall – this time to the tune of R43 billion. Despite promising initiatives implemented by the South African Revenue Service (SARS), it appears that […]
Becoming an expert Malcolm Gladwell proposed that, in order to become an expert in something, you would have to spend 10 000 hours practising that “something”. While his proposition may have been challenged and shown to be inaccurate over the years, the concept is still the same. Without time, effort and expertise, proficiency in any field […]
It is one of those things you need to personally experience; otherwise you will never fully comprehend how frustrating things can become. When you get audited by certain SARS officials before payment of your Value-Added Tax (VAT) refund, expect the long road and frustration, often when your business really needs the cash flow.
An employee’s remuneration package was once carved in stone, consisting of their pay and some standard benefits, like medical aid and pension. However, things are quite different these days, with employers hoping to offer better rewards that entice top talent to join their organisations and stay longer. Here, we share our views on what workers […]
Since the interim budget speech in October, there has been a significant decrease in revenue. The revenue was decreased by R15.4 billion, which can mostly be attributed to the increase in VAT refunds over the past few months.
During the delivery of the 2019 Budget speech, the Minister – Tito Mboweni – spoke about six fundamental prescripts in this year’s budget, one of them being Increasing tax collection. In increasing tax collection, he talked about Tax revenue and raising SARS’ capacity – the following was addressed on this topic:
The Minister of Finance Tito Mboweni has laid out for us a budget speech which most of us expected to be tough and paint a true state of the nation. We mostly expected him to lay down the hammer on fruitless and wasteful expenditure, to curb unnecessary spending by our highly esteemed politicians.
Reports released in November 2018 indicate that 1 of 3 cigarettes sold in South Africa is illegal. The cost of illegal cigarettes is about R50-60 per carton while legal cigarettes are sold locally in South Africa for R250 per carton. Consumption of illegal tobacco keeps increasing due to the higher selling price of legal cigarettes.
As global warming is increasing rapidly, the world has turned to renewable energy to try and decrease our carbon use and harmful gasses. Global warming might not have been the only reason for South Africa to consider renewable energy- as this topic comes to light with the current Eskom crisis.
National Budget Speech – OECD’s Common Reporting Standard – Nowhere To Hide The Budget Speech is just one of the times where a tax attorney shows their worth. Instead of just reviewing the headlines, a tax attorney should be delving into the budget proposals, current policies and policy adjustments. The need for an in-depth review […]