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

Posted by: Ibay | Posted on: December 15th, 2015 | 0 Comments

The registration process is often the first thing people talk about when the topic of VAT is brought up, and for good reason. The past few years have seen a complete transformation of the VAT registration process and this has created confusion and often at times frustration for practitioner, client and SARS’ consultant alike. At one stage, the VAT application was simply presented to SARS with minimal supporting documentation and the registration would be processed instantly with the taxpayer walking out with a VAT number, even without the vendor providing proof of a bank account in some instances. This process was destined to change as the amount of VAT fraud cases started to escalate and SARS had to curb this by inter alia revisiting the registration process and have a screening process that would prevent these illegitimate companies from entering the VAT net. Read More

Accountancy Profession linked to Global Prosperity

Posted by: Ibay | Posted on: December 15th, 2015 | 0 Comments

A study by the independent Centre for Economics and Business research found that the accountancy profession is strongly linked to national economic growth and improved living standards.

The study found that:

Global regions with a higher share of accountants in total employment have a higher per capita GDP.

The correlation between the share of accountants in total employment and the UN Human Development Index (HDI) is even stronger. The HDI measures a number of indicators including life expectancy, years of schooling and income.

The Global accountancy ecology contributes an estimated $ 575 billion gross value added (GVA) annually to the global economy.

Author: IFAC communications department

Wilder Lockitch Family News:

Posted by: Ibay | Posted on: October 5th, 2015 | 0 Comments

  • Martin Rossouw : Trainee Accountant,  passed his 1st year : BCompt : Accounting Science with 2 distinctions.
  • Shane Daniels : Trainee Accountant,  passed all 5 subjects written in the first semester for Post Graduate Diploma in Accounting Science.
  • Alicia Greyling : Assistant Accountant, received her BCompt  Accounting Science Degree .

Congratulations and well done to Martin, Shane and Alicia!

What about Ireland?

Posted by: Ibay | Posted on: October 5th, 2015 | 0 Comments

Ireland is a tax efficient international jurisdiction which offers a natural gateway to Europe.  It is a member of the OECD and has an international reputation for being business and tax friendly.

Because of its membership of the OECD Ireland has access to a market of over 500 million consumers.  Its currency is the Euro as with rest of Europe and also on the positive side is that it is the only English speaking member of the Euro zone.

Ireland’s labour force is educated and highly skilled and has a stable political environment.

The government has significantly invested in technology innovation providing excellent business infrastructure.

Taxation

The corporate tax rate is 12,5% which is one of the lowest in the world.  There are also special tax arrangements for start-up companies.  Ireland is attractive for Holding Companies including an exemption from capital gains on disposals of qualifying shares in subsidiaries.

A withholding tax on dividends is applied but through the double taxation agreement with South Africa, the rate is either 5% or 10% depending on circumstances.  Where Research and Development is carried out there are tax credits available.

Other

Though Ireland has a transfer pricing regime which applies to trading transactions, there is a generous exemption for small and medium sized companies.

Ireland has no thin capitalisation provisions and therefore a company can be totally financial by borrowings, though there are restrictions on the deductibility of interest.

Ireland does not have controlled foreign company rules and therefore there are no requirements for repatriation of profits.

Please contact your partner should you require any assistance in this regard.

 

Author:  Dixcart

SARS Interest Rates

Posted by: Ibay | Posted on: October 5th, 2015 | 0 Comments

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