Taxation Blog
2018 Budget Speech Summary
MD Tax Guide 2018/2019
SECTION 7C – IS YOUR TRUST AFFECTED BY THE NEW TAX LEGISLATION?
We have identified a risk that relates to any loan, advance or credit made to a trust, by a natural person or a company that is a connected person to the trust where interest is not charged, or interest is charged at a lower rate than the official rate (currently...
SARS to collect for Sugar Tax (SBL) from 1 APRIL 2018
PRETORIA, Friday, 15 December 2017 — The South African Revenue Service (SARS) will collect the Sugary Beverages Levy (SBL) as from 1 April 2018. The levy falls under the Rates and Monetary Amounts and Revenue Laws Amendment Bill, 2017, as passed in Parliament on 5...
SARS to Clamp Down on Outstanding Tax Returns and Debt
"Pretoria, Thursday, 28 September 2017 - SARS reminds all taxpayers that in accordance with the Tax Administration Act No. 28 of 2011 (TAA) and specifically Section 234 (d), it is a criminal offence not to submit a tax return for any of the tax types they are...
Mid-year recon – August 2017 due to SARS by 31 October 2017
The Bi-annual August 2017 PAYE reconciliation period is from 15 September 2017 - 31 October 2017. - 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 2017 to 31...
Start of 2017 Tax Season – what you need to know to save you time and costs!
1 July was the official start of the 2017 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 2017 tax return submission (by...
Last chance to get up to date with your SA Reserve Bank and SARS declarations – are you compliant?
Have you disclosed all your offshore assets to the South African Reserve Bank (SARB)? (disclosing foreign assets on your annual tax return does not mean they have been disclosed to SARB!) The need for this disclosure is required regardless of how you have accumulated...
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...
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...
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...
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...
