American business mogul, investor, and philanthropist Warren Buffet confidently stated, “The more you learn, the more you earn,” and considering that he is currently the fourth wealthiest […]
CIPC Compliance Checklist
The following CIPC Compliance Checklist is applicable to audited entities AND reviewed entities: Compulsory from 1 January 2020. To be submitted within 30 business days of the […]
Administrative penalties erroneously levied to be reversed
SARS had been issuing notices for final demand for the submission of the 2022 income tax returns to be submitted by 29 November 2022. However, in many […]
Penalties for the non-submission of income tax returns
With effect from 1 December 2022, administrative penalties relating to the late submission of a tax return will be charged when one or more tax returns relating […]
Income tax relief for companies!
For the years of assessment ending on or after 31 March 2023 the rate of Corporate Income Tax payable is reduced to 27% (previously 28%).
Ceasing to be a tax resident in South Africa?
The purpose of the declaration is to inform SARS of the change in tax residency that will impact the basis on which you will be subject to […]
BI-ANNUAL EMP501 SUBMISSIONS
The employer interim reconciliation declaration (EMP501) submission period opened on 19 September 2022 and closes on 31 October 2022. Employers are required to reconcile their monthly employer […]
Tax being withheld from certain GEPF pensions
The legislation affecting annuities from pension funds was changed for SARS to provide an effective rate to the retirement funds in order to prevent the under-withholding of […]
Resolution to the confusion regarding the discontinuation of the Company Income Tax IT14SDs
There has been some confusion that exists on how taxpayers should treat outstanding IT14SDs issued but not submitted. SARS informally communicated: If the IT14SD has already been […]
What is the difference between an Audit, Independent Review and Compilation Engagement?
The difference between these types of engagements is the level of assurance that is provided on the financial statements as a whole in terms of being free […]