The carbon tax will be implemented on 1 June 2019. It gives effect to the polluter-pays principle, prices greenhouse gas emissions and aims to ensure that businesses and households take these costs into account in their production, consumption and investment decisions. The tax will assist in reducing emissions and ensuring South Africa meets its commitments under the 2015 Paris Climate Agreement. It will be reviewed after three years.
The employment tax incentive was introduced on 1 January 2014 to share the cost of hiring young, inexperienced workers between employers and government. The incentive was reviewed and extended in 2016 and 2018. The most recent review found that the incentive’s positive benefits are more pronounced in small firms.
There has been a lot of banter about Tom Moyane’s time at SARS. The recent SARS commission has highlighted several issues and, in the recent budget, a number of commitments were made in this regard. We summarise these for you below
Corporate governance is under scrutiny like never before in South Africa. While most people believe that it is only appointed directors of a company who can be held personally liable, the Companies Act provides for a wider definition and includes Prescribed Officers.
“Every success story is a tale of constant adaption, revision and change” a quote by Richard Branson. The technology world is changing at a rapid speed and the size of the organisation will not necessarily determine the success of the organisation but the speed at which it changes.
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…
Nolands Advisory announces another specialist service offering, allowing clients quality, focused access to new business and financial opportunities.
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.
The beginning of a new year is as good a time as any to review your estate plan. More specifically, it is important to make sure all your affairs are in order from an administrative point of view. As part of your estate plan it is important that you make sure that inter alia the following documents are easily available:
Contrary to popular practice, a business plan is not a means to securing financing. Instead it is a step by step guide to running your business and creating the product or service that will make it in the marketplace. And like any other map, your plan will have to be adjusted according to your vision for the company, conditions and opportunities in the marketplace and your business’ current condition.
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.
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.
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:
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:
“I can promise my new colleagues in the National Treasury that
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!
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:
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.