MJ Minter Inc on 08/01/2020

How To Pay For Turnover Tax

In terms of Disaster Management Act relief measures, three payment dates still apply:

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MJ Minter Inc on 08/01/2020

Filing Season 2020 – SARS Will Be Calling Taxpayers

With the intention of making it easier to comply with tax obligations, SARS is embarking on an outbound call campaign to assist taxpayers to file their tax returns virtually, either by a telephone or video call.

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MJ Minter Inc on 04/23/2020

Further Tax Measures To Combat The Covid-19 Pandemic

In line with the President’s address to the nation on 21 April 2020, the Minister of Finance has provided more detail on the second set of measures that aim to assist individuals and businesses through the pandemic. The interventions include:

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MJ Minter Inc on 03/31/2020

Tax Measures To Combat The Covid-19 Pandemic

The Minister of Finance has announced the following exceptional tax measures as part of the fiscal package outlined by President Cyril Ramaphosa on 23 March 2020 in his speech on the Escalation of Measures to Combat COVID-19. These measures are over and above the tax proposals made in the 2020 Budget on 26 February 2020. The tax adjustments are made in light of the National State of Disaster and due to the significant and potentially lasting negative impacts on the economy from the spreading of the COVID-19 virus. There is a critical need for government interventions to assist with job retention and assist businesses that may be experiencing significant distress. These measures include:

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MJ Minter Inc on 03/01/2020

SARS and Covid -19

In light of the Covid-19 outbreak SARS has announced a number of operational changes as detailed below.

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MJ Minter Inc on 03/01/2020

Biz Portal

In his 2020 Budget speech, Minister Mboweni announced the formation of a Biz Portal which would allow one to complete all the necessary registrations for the formation of a business. This facility is now available and is best described as follows:

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MJ Minter Inc on 02/26/2020

Corporate Income Tax

To promote economic growth, government intends to restructure the corporate income tax system over the medium term by broadening the base and reducing the rate. Broadening the base will involve minimising tax incentives, and introducing new interest deduction and assessed loss limitations. Rate reductions will be implemented in a revenue-neutral manner.

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MJ Minter Inc on 02/26/2020

Carbon Pricing and Environmental Taxation

Increasingly, governments and businesses recognise that the world faces a climate crisis, and acknowledge the need for partnerships to limit global warming to below 1.5° C. As the Paris Agreement becomes operational in 2020, signatories will submit revised nationally determined contribution commitments to mitigate climate change. A range of legislation and policies are being developed to meet South Africa’s commitments in this regard.

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MJ Minter Inc on 02/26/2020

2020 Budget Review

“The Aloe Ferox survives and thrives when times are tough. It actually prefers less water. It wins even when it seems the odds are against it. "

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MJ Minter Inc on 01/01/2020

Repo Rate Reduced on Back of Favourable Data

A good start to the new year when the Reserve bank announced a surprise reduction of 25 basis points to the repo rate. Good news for those with borrowings and the forecast is that we should get another cut in the 4th quarter 2020.

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MJ Minter Inc on 01/01/2020

Budget Speech 26th February 2020

South Africa will be holding its breathe at 14h00 Wednesday 26th February 2020 as Minister Mboweni presents his Budget for the 2021 financial year. There literally can only be bad news as the whole country is going to be affected by whatever reforms will be announced, but without these reforms South Africa will undoubtedly fail, so we need to make short to medium term sacrifices. There will be increased taxes, what shape or form is anyone’s guess. But this needs to be accompanied with a reduced Government wage bill and holes plugged in our leaking State-Owned Entities.

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MJ Minter Inc on 11/01/2019

Stabilising Public Finances

Large fiscal deficits incurred over the years, although providing short-term support to the economy, have not resulted in commensurate long-term economic growth. This has led to sharp increases in the government’s debt-to-GDP ratio, which currently stands at 60.8 per cent, and is expected to rise to 71.3 per cent in 2022/23. The growing proportion of limited public resources spent on interest payments are crowding out spending on social and economic investment.

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MJ Minter Inc on 11/01/2019

Medium Term Budget Policy Statement 2019

The 2019 MTBPS has been presented by Minister Tito Mboweni. His opening statement was a reference to the Aloe Ferox plant he brought to Parliament when presenting the February 2019 budget.

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MJ Minter Inc on 09/01/2019

Special Trust

Unlike conventional trusts, which are taxed at a flat rate of tax, a special trust is taxed on the same sliding scale applicable to natural persons. For tax purposes the following types of special trusts are recognised:

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MJ Minter Inc on 08/01/2019

National Health Insurance (NHI)

The NHI Bill was recently promulgated amid a mixed reaction sentiment, positive and negative. While one can identify strongly with the rationale, affordability is paramount as is the management of such a fund.

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