SARS ups tax collection through payroll audits

Despite the promising initiatives implemented under the South African Revenue Service’s (SARS) acting Commissioner Mark Kingon, its tribulations in meeting its collection targets have not yet waned, with payroll audits falling under its enhanced collection efforts to make up the shortfall.

Taking Loan In Crisis Time

Taking loan in crisis time

We all find ourselves in tough financial spots from time to time, where there is just too much month at the end of the money.

Proposal For Regulatory Framework for Payroll Deductions

Proposal for a regulatory framework for payroll deductions

After becoming aware of an increase in payroll deductions in recent years, the South African Reserve Bank (SARB) and National Treasury have engaged in discussions with stakeholders on the creation of a regulatory framework to govern payroll deductions. The proposal was open for public comment until 30 April 2018.

Underpayment of company VAT and fall in taxpayer morality – Voluntary Disclosure Programme only solution

With the wave of anti-SARS sentiment currently washing over South Africa, paying historical value-added tax (VAT) may be a hard pill to swallow. This has resulted in many companies understating or underpaying their VAT and subsequently incurring colossal penalties in addition to the tax payable.

SARS To Hit 300 000 Companies With Fines

Sars to hit 300 000 companies with fines

The SA Revenue Service, as part of a move to boost its revenue collection, is looking to nail 300 000 companies with penalties for failure to submit corporate income tax returns. On the sidelines of the Tax Indaba in Johannesburg this week, Fabian Murray, acting Sars chief officer for business and individual tax, said that, […]

Panic, Uncertainty About Expatriate Tax

Panic, Uncertainty About Expatriate Tax

Tax practitioners say their clients remain panicked and concerned about the ‘expat tax’, despite National Treasury adopting a relatively softer stance.

SARS Audit - How To Survive

SARS Audit: How to Survive

The recent developments at the South African Revenue Service (SARS) promise to cause a shake-up for many unsuspecting taxpayers. They are short on budget and the general perception is that there has been a lapse in taxpayer morale. The SARS audit teams will undoubtedly start in earnest with the targeting of taxpayers to see how […]

Bitcoin - Mining for Answers

Bitcoin: Mining for Answers

By now, most people know what Bitcoin, or cryptocurrency, is. Some have even bought and sold a few and more impressively, some have found out how to turn cryptocurrencies into a business. Then, there are the “miners”. Following a process that involves no actual hard labour or rock breaking, crypto miners can generate cryptocurrencies by […]

Unit Trusts Under Treasury's Spotlight

Unit Trusts under Treasury’s spotlight

Investors in unit trusts are currently taxed only on capital gains when they sell their units. But a proposed amendment could result in some distributions being taxed at income tax rates to the maximum of 45%.

Is Your Organisation Paying Women What They Are Worth?

Women tend to have higher levels of emotional intelligence and empathy compared to their male counterparts, and often promote delivery of soft benefits that may be overlooked in a purely commercial approach to business. Although these are essential to sustainability and human development, especially in Africa.