by Bionic Chartered Accounting | May 27, 2022 | Tax
“Taxpayer: One who doesn’t have to pass a civil service exam to work for the government” (Anonymous) “Tax Freedom Day” is the first day of the year on which we South Africans (we’re talking about the “average” taxpayer here) have finally earned enough to pay off SARS...
by Bionic Chartered Accounting | Apr 28, 2022 | Tax
“The employer in collaborating with SARS plays a critical coalition towards adherence and compliance of tax principles and laws.” (SARS External Guide – A Guide to The Employer Reconciliation Process) By law, employers must deduct or withhold employees’ tax from...
by Bionic Chartered Accounting | Apr 28, 2022 | Tax
“What the government gives it must first take away.” (John S. Coleman) It certainly seemed like a win for taxpayers when Finance Minister Enoch Godongwana announced in his February Budget Speech that the corporate income tax (CIT) rate has been reduced from 28% to 27%...
by Bionic Chartered Accounting | Apr 28, 2022 | Tax
06 May Monthly Pay-As-You-Earn (PAYE) submissions and payments25 May Value-Added Tax (VAT) manual submissions and payments30 May Excise Duty payments31 May Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable....
by Bionic Chartered Accounting | Mar 30, 2022 | Tax
“Since the unemployment rate in the Republic is of concern to Government; and since Government recognises the need to share the costs of expanding job opportunities with the private sector…” (Preamble to the Employment Tax Incentive Act 26 of 2013 [ETI Act]) During...
by Bionic Chartered Accounting | Mar 30, 2022 | Tax
“Dear IRS, I am writing to you to cancel my subscription. Please remove my name from your mailing list.” (Snoopy) According to some estimates, as many as 1,900 millionaires have left South Africa over the last few years. A New World Wealth Africa report...
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