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.”
Companies wanting to do business with Government, Public Entities and State Owned Enterprizes will have to get their EE status in order, or lose out!
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.
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.
Nolands Recruitment is the newest addition to our Advisory service offering.
Under the leadership of Annarien Adams, Nolands IT Advisory offers existing and prospective clients a consulting interface between current IT systems and infrastructure and their business and accounting functions.
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.
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.
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.
“If you deprive yourself of outsourcing and your competitors do not, you're putting yourself out of business"
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.
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.
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.
The 2018 Tax Season for Individuals opened on 1 July 2018. Deadlines are as follows:
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:
Industry Ministers from BRICS countries recently signed a declaration on the implementation of the Digital Industrial Revolution (DIR). South Africa’s Trade and Industry Minister Rob Davies said he and his counterparts had discussed issues of skills development and capacity building for the fourth industrial revolution or DIR.
The ease of doing business and particularly reducing the regulatory burden for businesses received a boost with the launch of Companies and Intellectual Property Commission (CIPC’s) Extensible Business Reporting Language (XBRL), a Digital Financial Reporting Solution at the Johannesburg Stock Exchange (JSE) in Sandton. The system will allow companies to file Annual Financial Statements using this mechanism and the data could be shared across the regulatory spectrum for multiple purposes. Speaking at the launch of the XBRL, the Minister of Trade and Industry, Dr Rob Davies said while there are many challenges with the Fourth Industrial Revolution, it does offer the possibilities of improving governance.
Shock figures from STATS SA reveal that our economy has shrunk by 2,2% in q1 2018. The following extract from Stats SA paints the picture:
The recent Steinhoff and Gupta debacles have highlighted a number of issues, least of all Directors' Liability and other governance issues. But was the company itself trading recklessly?
Trusts have recently come under the spotlight from a SARS perspective. With the recent amendments, it is important for a trustee to fully understand their role and responsibilities. Although a trustee may not act in the capacity of trustee until he/she has received a letter of appointment from the Master, he/she is still liable for any unlawful act committed in the handling of trust affairs prior to the issue of the letters.
While it makes sense to review one’s estate plan on an annual basis, there are some key events which should ring a bell for an estate planner to revise their estate plan immediately.
The terms of reference of the Davis Tax Committee (DTC) in general required the Committee “to inquire into the role of the tax system in the promotion of inclusive economic growth, employment creation, development and fiscal sustainability”, and in particular as it relates to value-added tax (“VAT”), to give specific attention to:
Since 1994 South African fiscal policy has placed little emphasis on wealth taxes, save for recent increases in the rates of transfer duty and estate duty. Given the disturbing levels of wealth inequality in South Africa, a taxation system that would ignore such disparities of wealth will lack the important requirement of legitimacy in the tax system.
