Documents for Public Comments – 2017 Draft Taxation Laws Amendment Bill and Draft Tax Administration Laws Amendment Bill

National Treasury and the South African Revenue Service (SARS) published the 2017 Draft Taxation Laws Amendment Bill (TLAB) and the 2017 Draft Tax Administration Laws Amendment Bill (TALAB) for public comment on 19th July 2017. Watch this space for an update of what’s new and how we can help you to plan your affairs accordingly.

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Employee’s Tax information required for 1st provisional return for 2018 

We are in the process of preparing the first provisional tax returns for the 2018 tax year, due for submission to SARS by 31 August 2017. We would therefore, appreciate it if you could furnish us with either a copy of your latest payslip OR the total of your PAYE (Employees tax) paid thus far […]

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Urgent – Resubmission of 2017 Employer Annual Reconciliation Declaration (EMP 501) and Updated IRP5 Certificates

Urgent message from SARS: RE-SUBMISSION OF 2017 EMPLOYER ANNUAL RECONCILIATION DECLARATION (EMP 501) AND IRP5/IT3(a) CERTIFICATES Dear Employer We kindly request your cooperation in the matter described below. BACKGROUND With the implementation of the Retirement Reform requirements, information code 4582 (remuneration portion of income included under income codes: 3701 Travel Allowance, 3702 Re-imbursive Travel Allowance, […]

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Breaking News: SARS released an official statement regarding personal income tax refunds

Taxpayers that are expecting a refund should note that SARS has implemented additional risk processes to ensure both the legitimacy and accuracy of the refunds paid. Accordingly SARS require a little more time in processing and paying the refunds.  

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Intellectual property tax and exchange control reform – the details revealed

Author: Jens Brodbeck and Lavina Daya (ENSafrica) One of the main surprises in the 2017 South African Budget Review was the announcement of what appeared to be a real shift in policy in respect of the tax and exchange control treatment of certain intellectual property (“IP”) arrangements. Following the announcements in the Budget Review on 22 […]

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Urgent Payroll matters to be actioned in April and May 2017

There are a few important payroll related matters to be actioned during April and May 2017:  W.As.8 Return of Earnings 2016 – due to Department of Compensation by 31/05/2017 The 2016 W.As. 8 Return of Earnings for Compensation for Occupational Injuries and Diseases Act (COIDA) submission deadline is 31 May 2017. (This relates to the payroll tax […]

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Introducing your MD Tax Team

At MD we strive to always provide our clients with excellent service.  One of our greatest strengths over the years has been the quality and commitment of our staff to each client. This, together with the MD personal touch, is one of our core business principles and differentiators in our industry. Unfortunately, as is within […]

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MD Tax Card 2017/2018

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Critical Value Add Service for all Businesses

We have seen a significant increase in South African Revenue Service’s (SARS’) performance of audits as provided for in the Tax Administration Act of 2011 and other tax legislation. According to the 2013/2014 SARS Annual Report, SARS conducted in excess of 1.8 million audits, which represented a 14% increase on their 2012/2013 financial year. A […]

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NB!! Amendment to Dividend Tax implementation date 

In yesterday’s Budget Speech, the Minister announced that the new Dividend Tax rate effective 22 February 2017 will increase from 15% to 20% – this is bad news if you’re a shareholder or an investor as you will now pay 5% more than before in Dividend Tax. That means that any dividends declared on or after […]

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