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Be Ready For SARS Employee Audits
SARS is having trouble meeting its revenue targets and this is clearly putting enormous pressure on the South African economy. Further economic deterioration in the economy will probably result in a downgrade to junk status by Moodys. This will mean that all three of...
SARS: Changes to the Employer Statement of Account
This form is designed so that employers can easily reconcile their payroll taxes (PAYE, UIF and SDL). These taxes have proved difficult to reconcile and this redesigned form is intended to simplify this process. It is important to get this right to avoid paying...
The Big Mac Index Says the Rand is Way Undervalued
Over 80 countries worldwide produce McDonald’s Big Mac hamburgers to similar recipes, and that, say some researchers, makes them a perfect universal commodity with which to compare the PPP (Purchasing Power Parity) of different currencies. Hence The Economist’s annual...
If Artificial Intelligence Is Not That Intelligent, Should We Be Worried About Our Jobs?
Artificial Intelligence (AI) is being rolled out in many guises throughout business. One instance of this is voicemail with some amusing results. One person recalls getting a voicemail message which said “I’m a user music to reach an audience” and, another example, “...
Don’t Let a Death or Disablement Destroy Your Business
The greatest need in many small businesses is for cash flow. Picture this scenario: Three people start a business and after a few years it is beginning to make profit – in a year it will go cash positive. One of the shareholders is killed (or disabled) in an accident,...
Greater transparency among Tax Authorities across the world: Have you considered these important international tax principles?
The ramping-up of country-by-country (CbC) reporting to regulate transfer pricing and combat cross-border tax evasion, in terms of the Organization for Economic Co-Operation and Development’s (OECD) base erosion and profit shifting (BEPS) policies heralds a new tax...
Youth Employment Tax Incentive Extended for Ten Years
Here’s some good news on a win/win/win scenario for businesses (big and small), young work-seekers, and South Africa generally. Everyone will be happy to learn that government’s initiative to encourage increased youth employment, the Employment Tax Incentive or ETI...
How Many Days Did You Work For The Taxman In 2019?
“Tax Freedom Day” has a nice positive ring to it, but the reality is that it highlights just how much of our working lives we have to devote to paying the Taxman his share. And the worse news is that our “Freedom Day” has been getting later every year. 2019 is,...
Business Rescue Options: Going the Informal Route v the Companies Act Route
As a company director the last thing you want to have to grapple with is a failing business. But the reality is that financial adversity can strike even the most successful business at any time, and the earlier you address the problem the better your company’s...
How Tax Returns Will Be Easier This Year, and Should You File if You Earn Under R500,000?
Tax season 2019 begins on 1 August (1 July for taxpayers who are registered for eFiling or have access to the MobiApp) and SARS has taken further steps to reduce the burden on both taxpayers and SARS’ administrative systems. This year there are three initiatives:...
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