M.J. Minter Inc.: Blog
Logout
All categoriesTaxTechnologyGeneralGovernanceFirm NewsAdvisory
 MJ Minter Inc on 05/01/2021

Information and Communication Technologies

Information and Communication Technologies (ICTs), have shown to be major contributors to the effectiveness of many different businesses throughout the world and are constantly changing the way people and industries operate. ICTs can be defined as an array of technologies that are designed to collect, store, process and communicate information both internally as well as externally, of an organization. This makes ICTs quite a broad category of technologies but some of the most common examples are cloud computing, mobile apps, networked environments and even the Internet!

  MJ Minter Inc
MJ Minter Inc on 05/01/2021

Filing Season 2021 Dates

Filing season starts on the 1st of 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. SARS will send you an SMS if you are selected to be auto-assessed. SARS will auto-assess based on the data received from employers, financial institutions, medical schemes, retirement annuity fund administrators and other 3rd party data providers. If you accept your auto-assessment, any under or overpayment of tax will be processed as normal. If you want to edit your return, you can file your return on eFiling or the SARS MobiApp or alternatively contact us for professional assistance in this regards.

  MJ Minter Inc
MJ Minter Inc on 03/01/2021

Employer Annual Reconciliation: 1 April 2021 to 31 May 2021

Filing Season 2021 for employers, during which they must file the annual Employer Reconciliation Declaration (EMP501), opens on 1 April 2021 and closes on 31 May 2021. The EMP501 must reflect accurate payroll information about their employees, employees’ tax (PAYE) payments made and Tax Certificates (IRP5/IT3) (a)s generated, covering the full tax year from 1 March 2020 to 28 February 2021.

  MJ Minter Inc
MJ Minter Inc on 02/24/2021

Tax Proposals

The COVID-19 pandemic has had a severe impact on tax revenue collection. Given large predicted shortfalls in revenue for 2020/21 and over the next three years, the 2020 Medium Term Budget Policy Statement (MTBPS) confirmed that tax increases totalling R40 billion would be required over the next four years to help stabilise public debt and return the public finances to a sustainable position. These increases were first announced in the June 2020 special adjustments budget.

  MJ Minter Inc
MJ Minter Inc on 02/24/2021

Corporate Income Tax and Tax Incentive Reforms

Government is reducing the number of tax incentives, expenditure deductions and assessed loss offsets, with the aim of lowering the corporate income tax rate over the medium term. These changes are expected to enhance efficiency, transparency and fairness in the business tax system, while facilitating economic growth through improved investment and competitiveness.

  MJ Minter Inc
MJ Minter Inc on 02/24/2021

Personal Income Tax

Personal income tax accounts for about 40 per cent of total tax revenue. In response to extreme levels of inequality, South Africa’s rate structure is highly progressive and covers tax residents’ worldwide income. South Africa has the highest personal income tax share among upper middle-income countries, alongside one of the highest top personal income tax rates.

  MJ Minter Inc
MJ Minter Inc on 01/01/2021

Budget Speech provisionally set for the 24th of February 2021

Tito Mboweni’s big day looms this month, with little progress on the medium-term budget policy speech. The biggest issue relates to the freeze on government wages to which there has been no resolution yet. Let’s hope that we get finality in the upcoming budget.

  MJ Minter Inc
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:

  MJ Minter Inc
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.

  MJ Minter Inc
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:

  MJ Minter Inc
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:

  MJ Minter Inc
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.

  MJ Minter Inc
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:

  MJ Minter Inc
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.

  MJ Minter Inc
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.

  MJ Minter Inc
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. "

  MJ Minter Inc