Taxation Blog
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.
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...
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...
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...
MD Tax Card 2017/2018
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...
2017/2018 Tax Card
2017/2018 Tax Card We are excited to launch our latest Tax Card 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
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...
Budget Speech Summary 2017
1 March 2017: New legislation will prevent (perceived) tax avoidance using trusts
The 2016 Taxation Laws Amendment Act (TLAA) will come into effect on 1 March 2017, the revised draft of the Taxation Laws Amendment Bill ('TLAB') in October. The final version of the TLAB was published in December 2016, promulgated on 19 January 2017, and will come...
Breaking News – The current status of ETI Legislation
The previous ETI legislation expired on 31 December 2016. For this reason, there has been a flurry of activity on this website, asking if the ETI legislation has been extended, and If so, in what format. As a courtesy, the following excerpt ought to provide readers...
Breaking News: Amendments to Unemployment Insurance Act
Last week President Jacob Zuma signed a number of acts into law. One was the Employment Tax Incentive Act (see related article) and the other related to amendments made to the Unemployment Insurance Act. This article serves to outline the changes related to the...
Employment Tax Incentives and Unemployment Insurance Fund changes
Recently the President signed 6 bills which gave rise to payroll adjustments that affect you immediately and include the following: 1. Employment Tax Incentive (ETI) programme The ETI system was due to expire on 31/12/2016 but has now been extended to 28/02/2019....
2nd 2017 Provisional Tax Information Request
We are in the process of preparing the second provisional tax returns for the 2017 tax year, due for submission to SARS by 28 February 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...
Round two: Interest free loan accounts
On 8 July 2016, the National Treasury and the South African Revenue Service (SARS) published a draft Taxation Laws Amendment Bill (First Draft) for public comment. Our Alert of 20 July 2016 (The fate of interest free loans?) provided an exposition of the proposed...
National Treasury releases Media Statement relating to ETI’s, Learnerships, Interest-free loans in Trusts and Restricted Equity Shares
Mid-year recon – August 2016 due to SARS by 31 October 2016
The Bi-annual August 2016 PAYE reconciliation period is from 1 September 2016 - 31 October 2016. All employers must prepare and submit their declaration (EMP501) and employees’ IRP5’s to SARS reconciling the PAYE/SDL/UIF paid during the period 1 March 2016 to 31...
Summary of the recommendations contained in the Davis Tax Committee Second Interim Report on Estate Duty
Chapter 1: Estate Duty lntroduction The estate duty regime must be reviewed in order to establish an effective and equitable package of major abatements and rates. Retirement fund abatement Following the "capping" of retirement fund contributions the retirement fund...
The fate of interest free loans?
The draft Taxation Law Amendment Bill became available to the public for comment on 8 July 2016. The Amendment Bill contains the proposed incorporation of a new s7C, headed: “Loan or Credit Advance to a Trust by a Connected Person”. On promulgation, s7C is expected to...
Exchange control circular issued in respect of special voluntary disclosure programme
Exchange control circular issued in respect of special voluntary disclosure programme - Cliffe Dekker Hofmeyr On 13 July 2016 the Financial Surveillance Department (FinSurv) of the South African Reserve Bank (SARB) issued exchange control circular no. 6/2016...