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
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.

MJ Minter Inc MJ Minter Inc
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.

MJ Minter Inc MJ Minter Inc
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.

MJ Minter Inc MJ Minter Inc
2024 Medium-Term Budget Policy Statement (MTBPS)
MJ Minter Inc on 11/04/2024

2024 Medium-Term Budget Policy Statement (MTBPS)

The 2024 Medium-Term Budget Policy Statement (MTBPS) in South Africa, presented by Finance Minister Enoch Godongwana on October 30, 2024, outlined the government's strategic response to economic challenges and fiscal constraints amid declining tax revenues. This year’s MTBPS comes at a time when the National Treasury faces a significant revenue shortfall of around R22.3 billion for 2024/25, attributed to lower-than-expected collections across various tax categories, including income tax and fuel levies. Factors like reduced energy-related imports and weaker private sector employment have contributed to this shortfall, while domestic VAT has performed slightly better due to increased corporate earnings in certain sectors.

MJ Minter Inc MJ Minter Inc
SARS Enhances Security with Biometric Authentication for eFiling
MJ Minter Inc on 11/04/2024

SARS Enhances Security with Biometric Authentication for eFiling

The South African Revenue Service (SARS) has introduced biometric facial recognition as a new security measure for its eFiling system, aiming to protect taxpayer information from identity fraud and profile hijacking. This innovative step is part of SARS's ongoing efforts to enhance the security and efficiency of its electronic services.

MJ Minter Inc MJ Minter Inc
Africa Overview
MJ Minter Inc on 11/04/2024

Africa Overview

“Africa is on its way to becoming a preferred investment destination, a potential pole of global growth, and a place of immense innovation and creativity. But there is also a long way to go — and Africa’s governments must as a matter of urgency turn their attention to those who are being left behind. I believe Africa and its leaders can rise to this challenge. If they do, Africa will become more prosperous, stable and equitable.”

MJ Minter Inc MJ Minter Inc
Updated Specification for the Two-Pot retirement system
MJ Minter Inc on 10/01/2024

Updated Specification for the Two-Pot retirement system

Since the implementation of the Two-Pot Retirement System on 1 September 2024, SARS has taken note of the challenges the industry is experiencing. To this end, various enhancements have been incorporated into the SARS interface. These enhancements and changes inter alia include:

MJ Minter Inc MJ Minter Inc
The Importance of Estate Planning: Securing Your Legacy
MJ Minter Inc on 10/01/2024

The Importance of Estate Planning: Securing Your Legacy

In an ever-changing world, the importance of estate planning cannot be overstated. Estate planning is not just for the wealthy or the elderly; it is a crucial process for anyone over the age of eighteen. ​ It involves creating a strategic plan to manage and distribute your assets during your lifetime and after your death, ensuring that your wishes are honoured and your loved ones are protected. ​

MJ Minter Inc MJ Minter Inc
The Crucial Role of Trustees in South African Trusts
MJ Minter Inc on 10/01/2024

The Crucial Role of Trustees in South African Trusts

In South Africa, the role of trustees in managing trusts is pivotal to ensuring the proper administration and safeguarding of trust assets. ​ Trustees are appointed to act in a fiduciary capacity, holding and managing assets for the benefit of the trust's beneficiaries. ​ Their responsibilities are governed by the Trust Property Control Act and the trust deed, which outlines the framework within which they must operate. ​

MJ Minter Inc MJ Minter Inc
SMEs Embrace AI to Boost Efficiency and Competitiveness
MJ Minter Inc on 10/01/2024

SMEs Embrace AI to Boost Efficiency and Competitiveness

Berlin, October 2023 — Small and medium-sized enterprises (SMEs) are increasingly turning to artificial intelligence (AI) to enhance their operations, improve customer experiences, and stay competitive in a rapidly evolving market. ​ A recent study published in the Journal of Business Management highlights the key AI applications being adopted by SMEs and the challenges they face in implementation. ​The findings reveal that while only 28% of SMEs have integrated AI solutions, those that have are seeing significant benefits. ​

MJ Minter Inc MJ Minter Inc
2024 Tax Filing Season Updates
MJ Minter Inc on 09/02/2024

2024 Tax Filing Season Updates

The South African Revenue Service (SARS) has announced key updates for the 2024 tax filing season, which commenced on July 1, 2024. This year, SARS will continue issuing auto-assessments for taxpayers with simpler tax affairs. Taxpayers are advised to check their auto-assessment status via eFiling or the SARS MobiApp, following an SMS or email notification.

MJ Minter Inc MJ Minter Inc
The Mandatory Compliance Checklist
MJ Minter Inc on 09/02/2024

The Mandatory Compliance Checklist

CIPC requires that a mandatory Compliance Checklist be completed and submitted by all categories of companies whose annual financial statements are audited or independently reviewed. This requirement does not apply to a close corporation. The checklist is required to be submitted within 30 business days after the anniversary of the company’s date of incorporation. The period for which the company declares its compliance is to be known as its “Compliance Year”, and is aligned to the anniversary date of its incorporation.

MJ Minter Inc MJ Minter Inc
Tax incentives to boost renewable energy generation
MJ Minter Inc on 08/01/2024

Tax incentives to boost renewable energy generation

SARS has introduced a comprehensive draft guide outlining tax incentives to boost renewable energy generation. ​ Taxpayers can benefit from accelerated deductions, enhanced deductions for new assets, and deductions for expenses related to infrastructure construction. ​ These incentives aim to encourage investment in renewable energy projects, support sustainable practices, and drive economic growth in the renewable energy sector. ​

MJ Minter Inc MJ Minter Inc
South African Revenue Service Issues Ruling on Taxable Income Set-Off against assessed losses for Companies
MJ Minter Inc on 08/01/2024

South African Revenue Service Issues Ruling on Taxable Income Set-Off against assessed losses for Companies

In a recent development, the South African Revenue Service (SARS) has issued a Binding General Ruling (Income Tax) 73 on the 30th of July 2024, shedding light on the meaning of taxable income for the purpose of setting off the balance of an assessed loss by companies. ​ This ruling aims to provide clear guidance on the limitation of set-off for companies under section 20(1)(a)(i) as amended by the Taxation Laws Amendment Act 20 of 2021. ​

MJ Minter Inc MJ Minter Inc
South Africa Advances Trade Relations at AGOA Forum
MJ Minter Inc on 08/01/2024

South Africa Advances Trade Relations at AGOA Forum

In a recent consolidated media briefing, the Department of Trade, Industry, and Competition (dtic) highlighted significant outcomes from the 21st African Growth and Opportunity Act (AGOA) Forum in Washington, DC, and the 14th BRICS+ Trade Ministers Meeting in Moscow, Russia. ​ The South African delegation engaged with key stakeholders to bolster trade and investment ties, focusing on economic growth and job creation. ​

MJ Minter Inc MJ Minter Inc
National Treasury Welcomes Signing of Pension Funds Amendment Act
MJ Minter Inc on 08/01/2024

National Treasury Welcomes Signing of Pension Funds Amendment Act

National Treasury expressed its satisfaction as the President signed the Pension Funds Amendment Act (31 of 2024) into law, marking the final step in implementing the two-pot system set to begin on 1 September 2024. ​ This act introduces crucial changes to various pension-related laws, including the Pension Funds Act of 1956 and the Government Employees Pension Law of 1996, essential for retirement funds, including public sector funds, to adopt the two-pot reform. ​

MJ Minter Inc MJ Minter Inc
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.

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
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).

MJ Minter Inc MJ Minter Inc