Archive | Tax Information

THE GLOBAL VILLAGE AND THE BIG BROTHER EFFECT

It is true that over the last few decades, the world has really become more of a global village to most middle class citizens. Technology has been at the forefront of this globalization of planet earth. Global travel that broadens the mind and gives life experience is now more and more a normal part of […]

Offshore Amnesty Version 3: Last Chance Saloon

The first offshore Exchange Control (Excon) and Income Tax amnesty appeared in 2003, a second similar amnesty followed in 2010. In his 2016 Budget Speech, the Minister of Finance announced another Excon and Tax amnesty for errant South African taxpayers. Before we look at some of the salient features of the current amnesty, it is […]

Times They Are a Changing

Bob Dylan penned his classic hit song “Times They Are a Changing” in 1963, one year after South Africa’s current Income Tax Act was first passed as legislation. Since then, through the annual budget regulatory taxation laws process, this act has been amended and changed over the last 53 years. Bob Dylan’s song has stood […]

Tax Free Investments

There is no such thing as a free lunch, but the implementation of the tax free investment scheme with effect from 1 March 2015 comes really close. Investors can now invest up to a maximum of R30,000 per annum, and R500,000 in total, in a range of investment options that will be absolutely free of […]

The 2015 Budget Speech: Walking the Tightrope

Minister of Finance Nhlanhla Nene delivered his maiden budget speech on 25th February 2015 in the face of an extremely hostile economic environment facing South Africa. No easy task and not something for the faint hearted. The anticipated revenue collection shortfall of approximately R14,7bn needs to be covered and together with increased funding demands from […]

Year End Tax Tips

28 February each year marks the end of the tax year in South Africa. What should South African taxpayers and private investors ensure that they have ticked off before 28 February 2015? Ensure that SARS subsidize retirement savings to the fullest extent possible. Investors are allowed to deduct a maximum of 15% of their non […]

The Classic Election Budget

Predictable with a few give-aways and no nasties Finance Minister, Pravin Gordhan was in top form when delivering his budget speech in parliament on Wednesday 26th February 2014. There were some classic tongue in cheek comments, “if you don’t pay taxes to government you cannot be expected to do business with government”. But overall, this […]