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 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 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.

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MJ Minter Inc on 05/06/2022

South Africa Launches National Green Finance Taxonomy

South Africa’s Sustainable Finance Initiative, chaired by National Treasury, has launched the country’s first national Green Finance Taxonomy in April 2022. This responds to recommendations from National Treasury’s 2021 Technical Paper: Financing a Sustainable Economy, which calls for the development or adoption of “a taxonomy for green, social and sustainable finance initiatives, consistent with international developments, to build credibility, foster investment, and enable effective monitoring and disclosure of performance.”

  MJ Minter Inc
MJ Minter Inc on 04/01/2022

National Health Insurance Funding (NHI)

Nicholas Crisp, deputy director-general for the NHI, recently briefed Parliament on the NHI Bill following extensive public hearings. He tabled that government proposed to levy surcharges on personal income tax, payroll tax, and reallocating funding for medical scheme tax credits. These are some of the "chief sources of income" for the government's proposed National Health Insurance (NHI).

  MJ Minter Inc
MJ Minter Inc on 04/01/2022

Restructuring corporate income tax

The 2020 Budget announced government’s intention to restructure the corporate income tax system by reducing avoidance opportunities and expanding the tax base, while lowering the headline tax rate. South Africa’s interest limitation rules also need to be better aligned with OECD/G20 recommendations on base erosion and profit shifting.

  MJ Minter Inc
MJ Minter Inc on 03/01/2022

Budget 2022 – Fiscal Policy

Medium‐term fiscal policy is focused on reducing the budget deficit and stabilising the debt‐to‐GDP ratio. To support this consolidation, government will use a portion of higher‐than‐anticipated tax revenue to narrow the deficit while increasing non‐interest expenditure to support economic growth, job creation and social protection.

  MJ Minter Inc
MJ Minter Inc on 11/16/2021

Structural Reforms

Government remains committed to structural reforms designed to lower the cost of doing business and create a more competitive economy. Over the medium-term, the following reforms will be accelerated:

  MJ Minter Inc
MJ Minter Inc on 11/16/2021

Fiscal Policy

A highly disciplined fiscal policy is to be maintained if we are to enjoy economic growth and stability in the medium to long term. Below are some key points extracted from the Medium-Term Budget Policy Statement (MTBPS):

  MJ Minter Inc
MJ Minter Inc on 11/16/2021

Economic Outlook

Below is a brief synopsis of the economic outlook as presented at the Medium-Term Budget Policy Statement (MTBPS).

  MJ Minter Inc
MJ Minter Inc on 10/05/2021

Director’s Role Amidst the COVID 19 Pandemic

The director’s role has without a doubt become more onerous amidst the Covid 19 pandemic. However, the Companies Act makes provision for operating in a virtual world, which includes, inter alia:

  MJ Minter Inc
MJ Minter Inc on 10/05/2021

Medium Term Budget Policy Statement (MTBPS) set for the 4th of November 2021

Newly appointed Minister of Finance, Mr Enoch Godongwana will table the MTBPS on the 4th of November at 14h00. The MTBPS sets out the policy framework for the Budget that is presented every February, updates National Treasury's economic forecasts, adjusts the budgets of government departments and makes emergency changes to spending.

  MJ Minter Inc
MJ Minter Inc on 09/07/2021

Crypto Assets & Tax

A crypto asset is a digital representation of value that is not issued by a central bank, but is traded, transferred and stored electronically by natural and legal persons for the purpose of payment, investment and other forms of utility, and applies cryptography techniques in the underlying technology.

  MJ Minter Inc
MJ Minter Inc on 09/07/2021

Implementing An IT System

Implementing a new IT system for your business can be a daunting task. Many people find it difficult to initiate and cope with change, as well as to agree with colleagues on what the best way forward can be. Yet, it is important for every modern-day business who wants to maintain a competitive advantage within their market to implement and continuously improve upon their systems and processes. This challenging task requires buy in from all employees but must be driven by managers with a wholistic view of the business. Here are a few important points to take note of when implementing new systems:

  MJ Minter Inc
MJ Minter Inc on 09/07/2021

Revising Your Estate Plan

While one should review their estate plan annually, here are some key events which should ring a bell for an estate planner to revise their estate plan:

  MJ Minter Inc
MJ Minter Inc on 07/01/2021

Remote working and Technostress

Since the increasing availability of Information and Communications Technologies (ICTs) over the past decade, as well as due to the COVID-19 pandemic, remote working has become more prominent throughout the world. It has given employees and businesses great flexibility on how they conduct their everyday business, improved productivity and as well as shown many that physical offices are no longer necessary or can at least be downscaled to decrease costs. However, since the increase in remote working, there has been an evident increase in technostress experienced by those working remotely.

  MJ Minter Inc
MJ Minter Inc on 06/01/2021

Amendments to the VAT Act

There have been a number of amendments gazetted this year to the VAT Act. The amendments came into effect on 1 April 2021 unless otherwise stated. A brief summary of some of the more important VAT amendments is provided below:

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

Doing Business in South Africa – Our New Normal

The economic effects of the coronavirus crisis have been extensive in South Africa (SA) and a recovery to pre-pandemic levels will take several years. While it is forecast that the SA economy will recover marginally in 2021, it is likely to be uneven and subdued.

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

POPIA Effective 1st July 2021

The Protection of Personal Information Act (no.4 of 2013) (hereinafter referred to as 'POPIA' or 'the Act'), which gives effect to the Constitutional right to privacy in South Africa, commenced on the 1st July 2020. There has been a grace period for one year.

  MJ Minter Inc
MJ Minter Inc on 04/01/2021

Liability of Directors and Prescribed Officers

Doing business in South Africa can be daunting given the complex raft of regulations and company law. Section 77 codifies liability for directors and prescribed officers. It sets out civil liability (delict and breach of fiduciary duty), and then in sub-section 3, sets out specific statutory liabilities.

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