Africa’s challenge to grow entrepreneurs

Some years ago, when government in South Africa announced the need to create 5 million new jobs, global scenario planner and futurist Clem Sunter had a simple response: “A million small businesses would generate 5 million jobs.”

N Nolands Team

Third Top up due 28th September

A voluntary provisional tax payment, often referred to as a “top-up” payment, can be made in respect of the third period of provisional tax. The payment is generally not determined through an estimation of taxable income but is instead based on actual taxable income for the year as this figure is often known to the provisional taxpayer when making the top-up payment.

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The Tax Administrative Act - The Administrative Umpire for unreasonable delays by SARS

THE TAX ADMINISTRATION ACT THE ADMINISTRATIVE UMPIRE FOR UNREASONABLE DELAYS BY SARS SOMETIMES IT JUST DOESN'T SEEM FAIR. PUNITIVE MEASURES AGAINST TAXPAYERS ARE SWIFT AND STRESSFUL. WHAT MANY TAXPAYERS DON'T KNOW, IS THAT THE TAX ADMINISTRATION ACT TAA HAS THE ROLE OF ADMINISTRATIVE UMPIRE, ENSURING THAT SARS, TOO, PLAYS FAIR. SARS NEEDS TO BE EFFICIENT, ECONOMIC AND EFFECTIVE; ACT IMPARTIALLY, FAIRLY, EQUITABLY AND WITHOUT BIAS. AND NO, SARS MAY NOT BE SLOW FOOTED CAUSING UNREASONABLE DELAYS The South African Revenue Service SARS , as part of a move to boost its revenue collection, is reportedly looking to nail 300 000 companies with penalties for failure to submit corporate income tax returns It is therefore important to know your rights and how to deal with unreasonable delays, and in this article, I give an overview of the rules, the penalties and the route to justice when SARS are totally out of line. STATUTORY RULES GO BOTH WAYS The Tax Administration Act TAA is vocal about the…

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Zambia becomes third Nolands African office

The end of 2018 has brought with it the excellent news that we will be open for business in Lusaka from 1st January 2019. Nolands Zambia joins Zimbabwe and Nigeria in bolstering our presence and service offering in Africa.

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Nolands Port Elizabeth's big step forward

Nolands opened its doors in PE some years ago, knowing then that the city and the region offered real potential for growth. We had the right team and patiently started looking for the right office move which we knew wouldn’t happen overnight. Eventually our patience was rewarded with the spectacular Waterfront Business Park development, arguably the best business address in Port Elizabeth.

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Nolands Ballito makes its move.

In a confident and positive move, Nolands Ballito has taken occupation of its superb offices in the new Salt Rock City development. Nolands SA newest licensee took the opportunity to showcase the Nolands branding with both hands.

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Corporate Income Tax Returns

In a move to start tightening up on compliance, SARS has issued a notice stating that administrative penalties will be imposed on companies that receive a final demand to submit a return. In terms of Section 210 of the Tax Administration Act of 2011, non-compliance with regards to non-submission of required CIT returns may be subjected to a penalty, as follows:

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Medium Term Budget Policy Statement (MTBPS) Tax Proposals

It is not the norm for budget proposals to be mooted in the MTBPS but given the fallout from the increase in vat from 14% to 15%, concessions have been made on some basic commodities. So, with effect from 1 April 2019 the following items will be zero rated:

N Nolands Team

President Ramaphosa's Economic Stimulus Package

President Ramaphosa recently announced measures to stimulate economic activity. While acknowledging the tough economic environment we are faced with, he appears very clear on the direction we need to take in order to revitalise our economy albeit over a period of time. The desired outcomes were outlined as follows:

N Nolands Team

How to Choose A Business Partner

When you are contemplating going into business with someone, either in the form of a joint venture, partnership or as co-owners of a business, there is no way to guarantee that it will work. However, there are some things you can do to try and prevent any problems down the line.

N Nolands Team

Recession - Strategic Thinking, Planning & Action

Our previous article detailed the technical analysis of our current recession. We need to develop a strategic plan to assess the impact on our lives and businesses, and plan accordingly. Even if you don’t think the current recession will impact your business you still need to have a strategic plan.

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Economy shrinks by 0,7%

The South African economy slipped into recession during the second quarter of 2018, shrinking by 0,7% quarter-on-quarter. This followed a revised 2,6% contraction in the first quarter of 2018.

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Department of Trade and Industry (DTI) Incentives and Grants

The DTI provides financial support to qualifying companies in various sectors of the economy. Financial support is offered for various economic activities, including manufacturing, business competitiveness, export development and market access, as well as foreign direct investment.

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Reimbursive Travel Allowance

A reimbursive travel allowance is where an allowance or advance is based on the actual distance travelled for business purposes (that is excluding private use). Such an allowance is subject to a prescribed rate per kilometre of R3.61 per kilometre with effect from 1 March 2018. Historically this allowance was limited to 12 000 km per annum, whereas it is now unlimited subject to actual business kilometres travelled.

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Land Rights – An international perspective

The land question is foremost on all South African minds, with debate raging across all spectrums. To put the land issue in perspective the following extract from the International Growth Centre policy brief on unlocking land rights for urban development highlights that the land issue is not unique to South Africa. Over above that a serious business case can be motivated for ensuring legally enforceable land rights.

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National Health Insurance (NHI) – Can we afford it?

The recently gazetted NHI Bill has caused much debate. While it cannot be disputed that as a society we need to ensure that all have access to quality healthcare , it has to be done on a successful economic basis. Last year, the Davis Tax Committee commented as follows:

N Nolands Team