New rules for resolving tax disputes with SARS
MJ Minter Inc on 07/03/2023

New rules for resolving tax disputes with SARS

Taxpayers who have a dispute with the South African Revenue Service (SARS) can now benefit from new rules that aim to simplify and expedite the resolution process. The new rules, which came into effect on 1 July 2023, replace the previous dispute resolution rules that were in place since 2003.

MJ Minter Inc MJ Minter Inc
Expansion of the renewable energy tax incentive
MJ Minter Inc on 03/06/2023

Expansion of the renewable energy tax incentive

The tax incentive available for businesses to promote renewable energy will be temporarily expanded to encourage rapid private investment to alleviate the energy crisis. The current incentive allows businesses to deduct the costs of qualifying investments over a one- or three-year period, which creates a cash flow benefit in the early years of a project. Businesses are able to deduct 50 percent of the costs in the first year, 30 percent in the second and 20 percent in the third for qualifying investments in wind, concentrated solar, hydropower below 30 megawatts (MW), biomass and photovoltaic (PV) projects above 1 MW. Investors in PV projects below 1 MW are able to deduct 100 percent of the cost in the first year.

MJ Minter Inc MJ Minter Inc
Filing Season 2022 for Individuals
MJ Minter Inc on 07/05/2022

Filing Season 2022 for Individuals

Taxpayers, your turn to file your tax return starts on 1 July this year. The good news is that a significant number of individual taxpayers will be auto-assessed again this year, and this process will start in July. You will be sent an SMS if you are selected to be auto-assessed. When you receive the SMS, log into eFiling or MobiApp to view your assessment. If you agree with the assessment there is nothing more to do.

MJ Minter Inc MJ Minter Inc
The Bounce Back Support Scheme comes into effect
MJ Minter Inc on 05/03/2022

The Bounce Back Support Scheme comes into effect

The Bounce Back Support Scheme, a loan guarantee mechanism of R15 billion which was first highlighted in the February 2022 budget speech, has come into effect in April 2022. The scheme aims to facilitate job creation and economic growth in the wake of shocks such as the Covid-19 lockdowns, the July 2021 civil unrest in Kwa-Zulu Natal and Gauteng, and the ongoing flood disaster.

MJ Minter Inc MJ Minter Inc
2022/2023 Budget Highlights
MJ Minter Inc on 03/01/2022

2022/2023 Budget Highlights

The Minister of finance Enoch Godongwana tabled his Budget review on the 23rd February 2022. The following were the key tax issues arising.

MJ Minter Inc MJ Minter Inc
SARS Announces Auto-Assessment and Digital Platforms for a Seamless Filing Season
MJ Minter Inc on 07/01/2024

SARS Announces Auto-Assessment and Digital Platforms for a Seamless Filing Season

The South African Revenue Service (SARS) has recently made an important announcement regarding the upcoming Filing Season. ​ In line with their commitment to making the process easier and more convenient for taxpayers, SARS will be implementing auto-assessment for a larger pool of taxpayers this year. ​ Additionally, they have introduced various digital platforms to facilitate seamless interactions with taxpayers. Here is an overview of the announcement and highlights the key points for taxpayers to take note of.

MJ Minter Inc MJ Minter Inc
Tax Chronology of South Africa: 1979–2024 
MJ Minter Inc on 04/08/2024

Tax Chronology of South Africa: 1979–2024 

The Tax Chronology of South Africa: 1979–2024 provides a comprehensive overview of the current and historical rates for various taxes, duties, and levies collected by the South African Revenue Service (SARS). This publication covers the period from 1979 to 2024 and includes details on tax rates, duties, and levies.

MJ Minter Inc MJ Minter Inc
Employer Annual Declarations (EMP501): 1 April to 31 May 2024
MJ Minter Inc on 04/08/2024

Employer Annual Declarations (EMP501): 1 April to 31 May 2024

As an employer, it’s essential to stay informed about your tax obligations. The Employer Annual Declaration period is a crucial time when you need to submit accurate information to the South African Revenue Service (SARS). Let’s dive into the details:

MJ Minter Inc MJ Minter Inc
2024/25 Budget Review
MJ Minter Inc on 02/21/2024

2024/25 Budget Review

The Minister of Finance, Mr. Enoch Godongwana, tabled his budget review on 21st February 2024. While tax revenue performed well in 2021/22 and 2022/23 due to high commodity prices, revenue for 2023/24 is now expected to fall short by R56.1 billion. Government has proposed tax increases totalling R15 billion in 2024/25 to alleviate immediate fiscal pressures, while limiting the impact on economic growth. The following were the key tax proposals:

MJ Minter Inc MJ Minter Inc
Trust Income Tax Returns
MJ Minter Inc on 01/15/2024

Trust Income Tax Returns

SARS’ aim is to record all beneficial owners of registered Trusts in order to comply with the Financial Action Task Force (FATF) requirements. In this regard, certain information must be submitted via e-Filing. These documents may include, but are not necessarily limited to, the following:

MJ Minter Inc MJ Minter Inc
VAT enhancements for estimated assessments
MJ Minter Inc on 12/12/2023

VAT enhancements for estimated assessments

VAT enhancements for estimated assessments are changes to the VAT Act and the Tax Administration Act that affect how SARS can issue estimated assessments for VAT vendors who do not submit their returns or supporting documents on time. These changes aim to improve compliance and reduce tax evasion.

MJ Minter Inc MJ Minter Inc
Beneficial Ownership
MJ Minter Inc on 12/12/2023

Beneficial Ownership

CIPC (Companies and Intellectual Property Commission) is an agency that regulates the registration and compliance of companies and intellectual property. One of its functions is to keep a register of beneficial ownership (BO) for companies and close corporations.

MJ Minter Inc MJ Minter Inc
Solar Tax Breaks
MJ Minter Inc on 11/07/2023

Solar Tax Breaks

Electricity Minister Kgosientsho Ramokgopa has stated that his department is advocating for the tax incentive for solar PV to be extended to batteries and inverters¹. The government wants more businesses and households to opt for rooftop solar, and efforts are under way to push for a tax incentive to be extended to inverters and batteries part of solar PV systems.

MJ Minter Inc MJ Minter Inc
Reforms to deliver growth over the medium term
MJ Minter Inc on 11/07/2023

Reforms to deliver growth over the medium term

The Medium-Term Budget Policy Statement (MTBPS) presented by Minister Enoch Godongwana on 1 November 2023 outlined several key reforms aimed at delivering growth over the medium term:

MJ Minter Inc MJ Minter Inc
Medium-Term Budget Policy Statement (MTBPS) Review
MJ Minter Inc on 11/07/2023

Medium-Term Budget Policy Statement (MTBPS) Review

The Medium-Term Budget Policy Statement (MTBPS) for 2023 was unveiled by Finance Minister Enoch Godongwana on 1 November 2023. The MTBPS, also referred to as the "mini-budget", allows government departments to apply for adjustments to their budgets, apply for rollovers, and request additional funds for unforeseeable and unavoidable expenditures. It sets government policy goals and priorities, forecasts the macroeconomic trajectory, and projects the fiscal framework over the next three years by outlining spending and revenue estimates.

MJ Minter Inc MJ Minter Inc
Draft National State Enterprises Bill
MJ Minter Inc on 10/10/2023

Draft National State Enterprises Bill

Finance Minister Pravin Gordhan has unveiled a sweeping plan to overhaul the governance and management of state-owned companies, which he said have been plagued by corruption, inefficiency and poor performance. The plan, which was announced in his medium-term budget policy statement on Wednesday, aims to restore the financial viability and strategic relevance of the entities, which collectively have more than R1 trillion in assets and employ over 300 000 people.

MJ Minter Inc MJ Minter Inc
PAYE Monthly Payroll Submission to be automated by 2025
MJ Minter Inc on 10/10/2023

PAYE Monthly Payroll Submission to be automated by 2025

The SARS PIT/PAYE journey to end state is to replace the current employees’ tax, provisional tax and assessment filing seasons for employers and individuals by a modern, fully automated process of near real-time tax liability estimation, withholding and paying to SARS of the correct tax due. This will be underpinned by a taxpayer account that reflects taxable events and 3rd party data in real time (or close to real-time), in a manner that allows SARS to transition all their value chain activities (like verification & disputes) to real-time.

MJ Minter Inc MJ Minter Inc
SARS Digitilisation of Tax Administration
MJ Minter Inc on 09/07/2023

SARS Digitilisation of Tax Administration

The South African Revenue Service (SARS) has embarked on a digital transformation journey to modernise and enhance its tax administration capabilities. The aim is to improve service delivery, compliance, efficiency and effectiveness, as well as to combat tax evasion and fraud. Some of the key initiatives that SARS has implemented or is planning to implement include:

MJ Minter Inc MJ Minter Inc