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 […]
National Treasury has invited key stakeholders to a workshop early next month to address continued concerns around the amended foreign income tax exemption.
With the 2018 tax filing season having come and gone, several taxpayers got in contact with us after receiving a nasty surprise on their income tax assessment.