Tax Deadline

SARS extends opening hours for tax season deadlines

Taxpayers worrying about the tax season deadline drawing  ever closer can breathe a sigh of relief, after SARS (South African Revenue Service) announced on Wednesday that it would extends its operating hours for the next two weekends. “The SARS branch offices will extend working days to Saturdays for the next two weekends – 14 and 21 November – in anticipation of an increase in number of taxpayers who will file their returns,” said SARS spokesperson Sandile Memela on Wednesday. Ahead of the November 27 tax…

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Employment Tax Incentive helping but needs work

Employment Tax Incentive helping but needs work

South Africa’s Employment Tax Incentive (ETI) needs some work if it is to serve as a strong weapon in the fight against youth unemployment, says Rob Cooper, tax and legislation expert at Sage HR & Payroll. Formerly known as the “youth wage subsidy”, the legislation was introduced in early 2014 to encourage employers between the ages of 18 and 30, with the government subsidizing half the wage bill. The National Treasury states that, in the period from 1 January 2014 to the end of February…

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Treasury will not budge over carbon tax

Treasury will not budge over carbon tax

The national Treasury is sticking to its decision about implementing the carbon tax from next year. The hopes of business have gone down as there might be delays to the unpopular measure and it believes that it will add yet another burden to the economy already in trouble due to load shedding and low growth. Treasury deputy director-general Ismail Momoniat confirmed on Tuesday that the 2016 implementation date was still on track and that it would “hopefully” release a draft bill within the following two…

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Image source: EFF

Malema’s Tax Case Postponed

The Economic Freedom Fighters (EFF) leader Julius Malema’s tax battle will resume in June after the Pretoria High Court postponed the matter one again. “I rule that the matter be extended to June 1. Costs reserved,” Jude Ferdi Preller said. Malema appeared in court where the judge was to decide whether or not to declare him an insolvent and sequestrate his assets after the matter was postponed in August, 2014. If the court rules in favour of the final sequestration against Malema, he would no…

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South Africa Planning Substantial Tax Relief

South Africa Planning Substantial Tax Relief

The South African Ministry of Finance has launched a public consultation on proposals for a temporary reduction in employer’s and employees’ contributions to UIF (Unemployment Insurance fund), while their benefits remain unchanged. The 2015 Budget has already been rolled out and it contained a proposal to reduce the remuneration threshold against which unemployment contributions are calculated from the monthly amount of R14 872 to R1 000. In connection with the challenging economic environment that has led to a decrease in economic growth, it is considered…

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Africa asked to introduce eco taxes, UN

Africa asked to introduce eco taxes, UN

The United Nations has release a new report, Africa’s Adaptation Gap. This recommends that African countries begin to introduce environmental levies in order to contribute to global climate change efforts. This particular report was released at the 15yh African Ministerial Conference on the Environment. It follows in the footsteps of the UN Environmental Program’s Global Adaptation Gap Report 2014. It found that the cost of introducing the changes needed in developing countries in order to reduce emissions, could be as high as US$ 360 to…

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Securities Transfer Tax

Securities Transfer Tax

What is securities transfer tax? Security transfer tax is levied on every transfer of a security . It was implemented from 1 July 2007 under the Securities Transfer Tax Act, No.25 of 2007 and the Securities Transfer Tax Administration Act, No.26 of 2007. A security means any share or depository receipt in a company, or member’s interest in a close corporation. What exactly is securities transfer tax levied on? Every transfer of any security that is issued by a CC or a company incorporated within…

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Tax Rates 2015

Tax Rates 2015

On Wednesday, 25 February 2015, South Africans were told to prepare for higher taxes. The government’s annual budget indicated a 1% increase in personal income tax. Tax Rates for 2015 is as follows: Personal Tax Taxable Income Tax Payable R0 – R181 900 18% of each R1 taxable income R181 901 – R284 100 R32 742 + 26% of taxable income above R181 900 R284 101 – R393 200 R59 314 + 31% of taxable income above R284 100 R393 201 – R550 100 R93…

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Tax and starting work

Tax and starting work

Here is a small, simple but effective guide to how much tax you will have to pay and when exactly. Some explanations will also be given How much tax should I pay? You pay tax when your income is above the agreed amount per year and you pay all of your working life up to the age of 65. This tax is determined by SARS. When do I pay Tax work in tax years. The year starts at 1 March and end on 28 February…

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ketty

Who is really liable for PAYE?

Who is really liable for PAYE: Synopsis A recently reported tax case highlights the importance to employers to deduct PAYE from the correct amount of remuneration, as defined in the Income Tax Act, paid to employees. At the end of the day the liability for the payment of PAYE rests with the employee. The employer is only required to withhold the tax and to remit it to SARS on behalf of the employee. The employee may very well be at risk if the employer deducts…

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