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.

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SARS permanent Voluntary Disclosure Programme
MJ Minter Inc on 12/05/2022

SARS permanent Voluntary Disclosure Programme

The South African Revenue Service (SARS), in terms of the Tax Administration Act No. 28 of 2011, has made provision for the Voluntary Disclosure Programme (VDP) to be permanently available to a qualifying individual, company or trust that seeks to voluntarily disclose and regularise their tax affairs. This step is aligned to the SARS’ strategic objective, which seeks to provide clarity and certainty as well as make it easy and seamless for taxpayers and traders to comply with their obligations.

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EXTENSION OF THE TEMPORARY REDUCTION IN  THE GENERAL FUEL LEVY
MJ Minter Inc on 06/02/2022

EXTENSION OF THE TEMPORARY REDUCTION IN THE GENERAL FUEL LEVY

On 31 March 2022, the Minister of Finance and the Minister of Mineral Resources and Energy jointly announced a temporary reduction in the general fuel levy of R1.50 per litre from Wednesday 6 April 2022 until 31 May 2022 to provide limited short-term relief to households from rising fuel prices following the Russia/Ukraine conflict. The relief was to be funded by a liquidation of a portion of the strategic crude oil reserves.

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Fixing of Rate Per Kilometre in Respect of Motor Vehicles
MJ Minter Inc on 03/31/2022

Fixing of Rate Per Kilometre in Respect of Motor Vehicles

It is normal practice for the new rates for travel allowances for the ensuing year to be tabled in the Budget speech in February. For some odd reason the last two years SARS has only made this information available post-budget.

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The Government of National Unity impact on the economic future of South Africa
MJ Minter Inc on 07/01/2024

The Government of National Unity impact on the economic future of South Africa

President Cyril Ramaphosa has recently announced the formation of a Government of National Unity (GNU) in South Africa. This decision was made in response to the clear desire of South Africa’s people for political parties to cooperate for the nation’s future. The GNU is a coalition of 11 parties that have committed to collaborating together.

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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.

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Operation Vulindlela: A Path to Economic Reform and Democratic Alliance Support
MJ Minter Inc on 07/01/2024

Operation Vulindlela: A Path to Economic Reform and Democratic Alliance Support

Operation Vulindlela (OV) has emerged as a crucial initiative in South Africa, aimed at accelerating the implementation of structural reforms to foster economic growth. Recently, a successful two-day conference was held to assess the progress made by OV and chart the way forward for the next five years. ​ This article will delve into the key highlights of Operation Vulindlela and explore the support it has garnered, including that of the Democratic Alliance (DA).

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The Benefits of Business Process Automation
MJ Minter Inc on 06/10/2024

The Benefits of Business Process Automation

Over the past years business process automation, or BPA, has become more accessible to each and every business, regardless of their size or capacity. Thanks so numerous plug-and-play software and applications that are readily available online, you do not even need a whole tech team to implement and maintain automation within your business,

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How to Use AI in Formulating a Business Strategy
MJ Minter Inc on 05/08/2024

How to Use AI in Formulating a Business Strategy

Artificial Intelligence (AI) is revolutionizing the way businesses operate, making it an essential component of a modern business strategy. Here’s how you can incorporate AI into your business strategy:

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Key Steps to Business Success in South Africa
MJ Minter Inc on 05/08/2024

Key Steps to Business Success in South Africa

South Africa, known for its diverse economy and entrepreneurial spirit, offers a wealth of opportunities for businesses. Here are some key steps to achieving business success in this vibrant country.

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The upcoming South African elections
MJ Minter Inc on 04/08/2024

The upcoming South African elections

The upcoming South African elections hold the promise of change, introducing a range of potential impacts on local businesses. As business leaders, we must pay attention to several factors that could significantly affect the business environment:

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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.

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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:

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State of the Nation Address 2024
MJ Minter Inc on 02/12/2024

State of the Nation Address 2024

On February 8, 2024, President Cyril Ramaphosa delivered his eighth State of the Nation Address (SoNA) to a joint sitting of Parliament.

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