Articles

03Jun 2021

Filing season starts on the 1st of July this year. A significant number of individual taxpayers may be auto-assessed again this year. This auto-assessment will commence in July. SARS will send you an SMS if you are selected to be auto-assessed. SARS will auto-assess based on the data received from employers, financial institutions, medical schemes, […]

03Jun 2021

ICTs, or Information and Communication Technologies (ICTs), have shown to be major contributors to the effectiveness of many different businesses throughout the world and are constantly changing the way people and industries operate. ICTs can be defined as an array of technologies that are designed to collect, store, process and communicate information both internally as well as externally of […]

03Jun 2021

The Protection of Personal Information Act (no.4 of 2013) (hereinafter referred to as ‘POPIA’ or ‘the Act’), which gives effect to the Constitutional right to privacy in South Africa was implemented on the 1st of July 2020 with a grace period of one year. The Act will become effective from 1 July 2021. It is […]

03Jun 2021

The economic effects of the coronavirus crisis have been extensive in South Africa (SA) and a recovery to pre-pandemic levels will take several years. While it is forecast that the SA economy will recover marginally in 2021, it is likely to be uneven and subdued. From a global perspective, the exceptionally accommodative policies in many […]

07Apr 2021

Filing Season 2021 for employers, during which they must file the annual Employer Reconciliation Declaration (EMP501), opens on 1 April 2021 and closes on 31 May 2021. The EMP501 must reflect accurate payroll information about their employees, employees’ tax (PAYE) payments made and Tax Certificates (IRP5/IT3) (a)s generated, covering the full tax year from 1 […]

07Apr 2021

The general provisions under POPIA will apply equally to any personal information processed by an employer as part of an employee’s employment and all employers have until 1 July 2021 to ensure that their workplaces are fully POPIA compliant. The processing of an employee’s general personal information is necessary for a variety of reasons, such […]

07Apr 2021

As emerging technologies become more accepted and established throughout society, old problems become solved and new opportunities start to arise. Blockchain has been around for over a decade and has been popularized mostly through its association with cryptocurrencies. Offering numerous benefits, new applications of blockchain are constantly being researched in the hopes of disrupting industries. […]

02Mar 2021

The COVID-19 pandemic has had a severe impact on tax revenue collection. Given large predicted shortfalls in revenue for 2020/21 and over the next three years, the 2020 Medium Term Budget Policy Statement (MTBPS) confirmed that tax increases totalling R40 billion would be required over the next four years to help stabilise public debt and […]

02Mar 2021

Government is reducing the number of tax incentives, expenditure deductions and assessed loss offsets, with the aim of lowering the corporate income tax rate over the medium term. These changes are expected to enhance efficiency, transparency and fairness in the business tax system, while facilitating economic growth through improved investment and competitiveness. Although corporate income […]

02Mar 2021

Personal income tax accounts for about 40 per cent of total tax revenue. In response to extreme levels of inequality, South Africa’s rate structure is highly progressive and covers tax residents’ worldwide income. South Africa has the highest personal income tax share among upper middle-income countries, alongside one of the highest top personal income tax […]