SARS recently issued a draft Tax Bill which proposed taxing South African residents the difference in taxation on offshore income earned. Thus, if 10% tax was paid on overseas income then the taxpayer was liable to pay what would have been due in terms of local Income Tax law (the maximum income tax rate here […]
Tax on Offshore Income – A Change in Plan Read More »
Access to the Special Voluntary Disclosure Program (SVDP) closed at the end of August 2017 and the government netted a little over R1 billion. There were two thousand applications for this amnesty. Whilst this is not the final amount as SDVP applications are still being processed, there is little doubt that National Treasury was expecting
The Latest on the SVDP Read More »
Every year we report on the World Economic Forum’s (WEF) Global Competitiveness Index. This year South Africa slipped from 48th to 61st in the rankings. What was disappointing is that previously we were ranked 3rd in terms of corporate efficacy but this year fell to 34th. The audit profession had been ranked top for several
Disappointing – SA Slips Down the World Competitive Index Read More »
“Leadership involves finding a parade and getting in front of it” (John Naisbitt, futurist and author of ‘Megatrends’) A recent survey identified three major trends for the next five years – Multinationals get stronger If one were to take the top 100 economies in the world and include multinationals (MNs), then 69 of the top
3 Future ‘People’ Trends – Be Prepared Read More »
“Crying wolf is a real danger” (David Attenborough) POPI (the Protection of Personal Information Act) will provide welcome protection for our personal information – our names, ID numbers, addresses, medical histories and so on. But the other side of the coin is that it will expose small businesses in particular to a whole new raft
Small Businesses and POPI: Not Crying Wolf This Time? Read More »
“Life is pleasant. Death is peaceful. It’s the transition that’s troublesome” (Isaac Asimov) If you don’t want to be kept artificially alive – without your consent and perhaps in pain and distress – long after your medical condition becomes hopeless, you need to communicate your decision now to the doctors, hospitals and loved ones who
Do You Need an “Advance Directive” or a “Living Will”? Read More »
“Let’s choose executors and talk of wills” (Shakespeare) If you haven’t made your will yet, get it done now. Why is that so important and how should you go about it? To answer that let’s debunk a few of the more pervasive myths and misconceptions around those questions – “I’m too young to need a
7 Myths About Making a Will Read More »
As the law currently stands, if a South African tax resident works abroad for 183 days or more (of which 60 days must run consecutively) in a year, that person is not taxed locally on foreign based earnings. Treasury has however released draft legislation which if adopted will repeal this exemption. For many South African
SARS’ Plans to Tax Income Earned Abroad Read More »
The Companies Act (the Act) gives directors the power to run and manage the company’s business. In return it places responsibilities and personal liabilities on directors who do not fulfil their fiduciary duties. What is required of directors’ meeting minutes? Meetings of directors are to be kept and must contain at least: All resolutions passed
Directors’ Meeting Minutes: Why Are They So Important? Read More »
“The SVDP is meant for individuals and companies who have not in the past disclosed tax and exchange control defaults in relation to offshore assets” (SARS) If you aren’t sure whether or not you should apply for the Special Voluntary Disclosure Programme (SVDP), take advice immediately – The deadline is 31 August 2017, and you
SARS and the Special Voluntary Disclosure Programme: It’s Deadline Time! Read More »
