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SARS Browser Compatibility Guidelines

A number of clients often have difficulty accessing SARS documents on the eFiling system. This is mainly due to incompatible browsers. The SARS eFiling website is optimally viewed in Internet Explorer (IE) versions 8+ browsers.

  MJ Minter Inc
MJ Minter Inc on 03/01/2019

Update on Implementation of Carbon Tax

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.

  MJ Minter Inc
MJ Minter Inc on 03/01/2019

Employment Tax Incentive

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.

  MJ Minter Inc
MJ Minter Inc on 02/01/2019

Special Economic Zone (SEZ)

In his recent State of the Nation speech President Cyril Ramaphosa made mention of regenerating industrial hubs with an assortment of incentives, to incentivise investment in inter alia rural economies. We have a number of existing SEZ‘s and it is worth revisiting these to explore the

  MJ Minter Inc
MJ Minter Inc on 02/01/2019

Budget 2019 - What can we expect

In the past few years we haven’t been sure who would present our budget speech let alone predict what was to be presented! While there are huge expectations that Minister Tito Mboweni’s maiden full budget speech will deliver answers to all our problems, political and financial constraints will come into play. So, what are some of the key issues:

  MJ Minter Inc
MJ Minter Inc on 01/01/2019

2019 Budget - Make or Break?

Treasury has announced that Tito Mboweni’s budget speech will be held on the 20th February 2019 at 14h00. This year's budget will be one of the more challenging balancing acts Treasury has to perform. With the backdrop of an election year, the need to stimulate the economy and addressing the financial needs of ailing State Owned Entities makes it really tough for those tasked with coming up with a meaningful budget .

  MJ Minter Inc
MJ Minter Inc on 01/01/2019

SARS News

Reminder: Penalties for outstanding corporate income tax returns to kick in soon

  MJ Minter Inc
MJ Minter Inc on 01/01/2019

Estate Plan Review

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:

  MJ Minter Inc
MJ Minter Inc on 12/01/2018

Carbon Tax Bill Tabled

The Minister of Finance tabled the Carbon Tax Bill in Parliament on 20 November 2018, giving effect to the announcements made in the 2017 and 2018 Budget and by the Minister in his MTBPS speech in October. In tabling the bill, the Minister stated that “climate change poses the greatest threat facing humankind, and South Africa intends to play its role in the world as part of the global effort to reduce greenhouse gas emissions”. The Carbon Tax Bill, and related measures, will enable South Africa to meet its targets as agreed in the Paris Agreement.

  MJ Minter Inc
MJ Minter Inc on 11/01/2018

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:

  MJ Minter Inc
MJ Minter Inc on 11/01/2018

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:

  MJ Minter Inc
MJ Minter Inc on 10/01/2018

Tax Season

Season closes on 31 October for non-provisional tax-payers and for those provisional taxpayers who opt to file at a branch. Provisional taxpayers ordinarily have until 31 January 2019 to file on eFiling only.

  MJ Minter Inc
MJ Minter Inc on 10/01/2018

Enhancements to the Income Tax Return for Trusts (ITR12T)

On 17 September 2018, SARS implemented several changes to the Income Tax Return for Trusts (ITR12T) in respect of the year of assessment ending on 28 February 2018. If you saved or submitted your 2018 ITR12T prior to the implementation of the latest changes, none of the new fields will be presented for completion. The contents of the return are fully customisable, based on answers to certain questions presented to you for completion.

  MJ Minter Inc
Profmark Team on 10/01/2018

Medium Term Budget Policy Statement (MTBPS)

Nhlanhla Nene is the first victim of the “State Capture Enquiry”. Just two weeks before presenting a critical MTBPS, he resigned after a massive public backlash regarding his initial non-disclosure regarding his meetings with the infamous Gupta family.

P Profmark Team
Profmark Team on 09/01/2018

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.

P Profmark Team
Profmark Team on 08/01/2018

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.

P Profmark Team
Profmark Team on 05/01/2018

Davis Tax Committee final report on VAT

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:

P Profmark Team
Profmark Team on 05/01/2018

Davis Tax Committee recommendations on a Wealth Tax

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.

P Profmark Team
Profmark Team on 04/01/2018

SARS's Stance on The Tax Treatment of Cryptocurrencies

Increased attentiveness and speculation regarding the future of cryptocurrencies has prompted calls for the South African Revenue Service (SARS) to provide direction as to how cryptocurrencies should be treated for tax purposes. However, there is an existing tax framework that can guide SARS and affected taxpayers on the tax implications of cryptocurrencies, making a separate Interpretation Note unnecessary for now.

P Profmark Team
Profmark Team on 03/01/2018

Budget Speech Review - Focus on Value Added Tax

While there were a number of changes announced in the recent budget speech, none were as significant as the increase in the standard rate of VAT from 14 to 15%. While largely anticipated, the practical implications need to be reviewed in order to ensure compliance from a vendor perspective, and to gain a better understanding from a consumer perspective. Accordingly, this newsletter is dedicated to some of the more pertinent issues arising from the increase.

P Profmark Team
Profmark Team on 02/01/2018

Tax Deadlines

SARS encourages taxpayers to submit outstanding returns

P Profmark Team
Profmark Team on 02/01/2018

Carbon Tax Bill Released for Public Comment

The National Treasury has published the Second Draft Carbon Tax Bill for introduction in Parliament, as well as public comment and convening of public hearings by Parliament, which is expected to be early in 2018. Following that process, a revised Bill will be formally tabled in Parliament. This is expected to take place by mid-2018.

P Profmark Team