Impact of COVID-19 on the South African Revenue Service and the payment of tax debts

Author Archives: Tax Dept

Impact of COVID-19 on the South African Revenue Service and the payment of tax debts

https://bit.ly/2JuYbIt Article Source: By Erich Bell, Director, Werksmans Attorneys  23 March 2020 “SARS’s Notices to the Public The South African Revenue Service (“SARS“) has taken several precautionary measures in response to the risk of infection from COVID-19 which are aligned with and are in support of the initiatives implemented by the Department of Health. SARS’ tax, customs and excise operations will […]

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SARS Tax Measures in respect of COVID-19 pandemic

MD’s email sent out for this post | https://bit.ly/2JmcY8m The Minister of Finance has announced the following exceptional tax measures as part of the fiscal package outlined by President Cyril Ramaphosa on 23 March 2020 in his speech on the Escalation of Measures to Combat COVID-19. These measures are over and above the tax proposals […]

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LATEST RULES: Has Your Company closed due to Covid-19? Claim for your Employees now!

MD’s email sent out for this post | https://bit.ly/2WQFrv3 The UIF disaster benefit will now be run through TERS system – it is longer a ‘side option’ for UIF itself and the whole UIF Easy-guide has now been removed from the Labour.gov.za website. Covid-19 Temporary Relief Scheme:  Should an employer as a result of COVID-19 […]

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SARS updates – interest rates, foreign exchange rates, subsistence & reimbursive travel

SARS issued updated notices and schedules during the first week of March 2020 which may be of interest to you or affect your staff: Subsistence Allowance rates and advances for both local and foreign travel (with effect from 1/3/2020): Rate per day (local) – R139 for incidentals only Rate per day (local) – R452 for […]

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MD Accountants & Auditors Inc. | 2020 Budget Speech Summary

 

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2020/2021 Tax Guide

2020/2021 Tax Guide We are excited to launch our new electronic tax guide to assist you with the tax legislation. To access the PDF version please click here. Contact us to help you to be the best you can be! MD Annual Tax Guides

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Safeguard yourself against possible dividend tax rate increases, CGT increases and VAT increases on 26th February 2020

With spending challenges and a shrinking tax base, many commentators are expecting a tough budget on the 26th February 2020. With individual tax rates already high, there are very few areas left to generate further revenue. The areas that may be targeted include Dividend’s Tax, CGT and possibly even VAT. Although Dividend’s Tax is currently […]

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SARS takes huge tech leap

Monday, February 3, 2020 The South African Revenue Service (SARS) has embarked on a journey that will see it embrace technological advancement. In a statement issued at the weekend, SARS said in the foreseeable future, its work will be informed by data-driven insights, self-learning computers, artificial intelligence and interconnectivity of people and devices. The revenue […]

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MD’s Top 10 Tax Savings Tips Pre Budget on 26th February

1. Did you know that the donations you make during your lifetime do not form part of your personal estate on death?  And donations made by you up to R100,000 annually are exempt from donations tax? Therefore, you and your spouse should each be donating R100,000 per tax year to your Family Trust where you have a Trust. And your combined estate will be reduced by R1 million over a 5-year period. That […]

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Start of 2019 Tax Season – what you need to know to save you time and costs!

1 July 2019 is the official start of the 2019 tax season and SARS is encouraging all taxpayers to use SARS e-filing channels to file their tax returns and avoid those never-ending queues at the SARS offices!!! Deadline Dates: Manual 2019 tax return submission (via a visit to any SARS branch office) is 31 October 2019 Non-provisional […]

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