Higher level of compliance by individual taxpayers this filing season
But Sars has identified categories of non-compliant taxpayers who face penalties and legal action if they don’t come clean.
personal income tax
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Treasury hasn’t done any new work on the cost of NHI – report
Factsheet merely confirms what we already know about how the scheme will be funded.
Sars announces deadlines and changes for 2023 tax-filing season
Taxpayers who disagree with an auto-assessment have more time to submit a revised return.
South Africans want ‘the rich’ to pay more tax, survey finds
In a country where only about 12% of the population is carrying the personal income tax burden, who exactly are ‘the rich’?
Sars launches service channel for taxpayers who aren’t connected to the internet
The Unstructured Supplementary Service Data feature is free of charge.
Thursday briefing: a round-up of recent financial services news
Prosper Funeral Solutions in final liquidation | SA’s small tax base | Which president was worst for the rand?
How much more (or less) income tax you will pay
National Treasury signals its opposition to higher tax rates.
Basic income grant: more money in poor people’s pockets but at a heavy cost
Analyses of the implications of extending income support measures in South Africa, including a basic income grant (BIG), have focused on one of three things: how much it will cost, calculations about how […]
Treasury sets out tax implications if SRD grant is made permanent
A jobseekers’ grant and a caregivers’ grant might be “an acceptable compromise” to a permanent Social Relief of Distress (SRD) grant or a basic income grant (BIG), according to a discussion document published […]
Sars ruling highlights need to understand implications of investing in hybrid offshore pension products
South Africans are increasingly mobile, either working abroad, staying abroad for extended periods, or opting to retire outside of South Africa. This has increased the focus on foreign pension products because South African […]
OECD calls for VAT hike to help fund permanent grant
South Africa should make the R350-a-month Social Relief of Distress (SRD) grant permanent, increase the rate of value-added tax from 15% to 17%, and reform the “distortive” personal income tax system, the Organisation […]
By how much will taxes have to increase to pay for a basic income grant?
Personal income tax (PIT), value-added tax (VAT) and corporate income tax (CIT) would have to increase by just under 5% to raise R50 billion, or by slightly more than 9% to raise R100bn, […]
Tax considerations for cross-border workforces
Given the ever-changing landscape of the past two years, the adage that nothing is certain except death and taxes is perhaps more apposite than ever. Although it may appear that a semblance of […]
Basic income grant or NHI will result in tax increases, says Treasury
Large permanent increases in government spending, such as for a basic income grant or National Health Insurance (NHI), will have to be met by a permanent increase in revenue, which will mean higher […]
Sars is not targeting taxpayers unfairly, says Kieswetter
The SA Revenue Service (Sars) has “a long way to go” before its service reached an acceptable level and it was “striving hard” to strike a better balance between customer service and risk […]
Budget provides a measure of ‘relief’ for consumers
Finance Minister Enoch Godongwana did not announce any significant changes to the tax regime in his maiden Budget speech this week. However, consumers will benefit from the decision not to increase the general […]
10 predictions for this week’s Budget
Minister of Finance Enoch Godongwana will deliver his maiden Budget speech on Wednesday. After almost two years since South Africa declared a State of Disaster in light of the Covid-19 pandemic, the economic […]
