News

News Topics


Special VDP: No time to waste

Posted by: Ibay | Posted on: June 29th, 2016 | 0 Comments

A window of opportunity will open later this year for taxpayers to regularise their offshore affairs

The special Voluntary Disclosure Programme (SVDP) announced by the Minister of Finance in his Budget speech in February 2016 will be a joint tax and exchange control (Excon) process, and will be open for a six month period from 1 October 2016 to 31 March 2017. It serves as a final window of opportunity for taxpayers to regularise their offshore affairs before the tidal wave of reporting in terms of the OECD Common Reporting Standard reaches SARS from 2017 onwards.
Regularising under the SVDP programme would (in most cases) result in the applicant’s overall cost of compliance – for both tax and Edcon – being half of what it would have been had the applicant regularised under the current voluntary disclosure programme (VDP) and Excon regimes. The SVDP could therefore, in broad terms, be said to have brought about and additional 50% relief – a concession welcomed by many.
The sting in the tail, however, is that if the assets concerned are in a trust then the applicant has to elect that the assets be treated as their own for all tax purposes (which, unlike the 2003 Amnesty, will include estate duty).

Read More

Brexit -What is your risk matrix?

Posted by: Ibay | Posted on: June 29th, 2016 | 0 Comments

The United Kingdom has voted to leave the European Union. There will be significant consequences for many businesses and, while the departure process will take several years, planning should start immediately to identify the risks and opportunities that the UK’s exit may bring.

If you have not done so already, the first step is to compile a matrix of risks that the UK’s exit may present for your business. While the risk matrix will be different for every business, the types of issues that may be relevant are:

Read More

The impact of retirement reform coming into effect on 1 March 2016

Posted by: Ibay | Posted on: April 7th, 2016 | 0 Comments

This document incorporates the revisions to these laws, as announced by National Treasury on 16 February 2016.

The Taxation Laws Amendment Act, 2015 has passed some of Government’s retirement reform proposals into law. The new rules are designed to harmonise the tax treatment for all types of retirement funds (ie pension, provident and retirement annuity funds). The new rules will take effect on 1 March 2016.

Read More

VAT registrations – What is all the fuss about? – Part 2

Posted by: Ibay | Posted on: April 7th, 2016 | 0 Comments

Prospective registrants need to consider whether they indeed need to register for VAT

Being VAT registered is not a pre-requisite to conducting business. The opposite actually applies – one needs to be conducting business, trading and more importantly carrying on an enterprise before being eligible to register as a VAT vendor. It is often a misconception that third parties will not or can’t do business with you if you aren’t registered for VAT. If it isn’t compulsory that you register for VAT because your turnover does not exceed the
R1 million threshold, then one should carefully consider the need to in fact register. Being a registered VAT entity comes with it’s extra administration, a 14% increment on your service/products and of course the responsibilities and duties that are detailed in the VAT act.

Read More

Annual Duties

Posted by: Ibay | Posted on: April 7th, 2016 | 0 Comments

With the introduction of the annual return a number of years ago, companies and close corporations have had to comply with the requirements and submit their annual return to CIPC along with the prescribed duty on the anniversary of the entity’s incorporation date.  Under the new legislation the following applies:

Read More