Since the interim budget speech in October, there has been a significant decrease in revenue. The revenue was decreased by R15.4 billion, which can mostly be attributed to the increase in VAT refunds over the past few months.
During the delivery of the 2019 Budget speech, the Minister – Tito Mboweni – spoke about six fundamental prescripts in this year’s budget, one of them being Increasing tax collection. In increasing tax collection, he talked about Tax revenue and raising SARS’ capacity – the following was addressed on this topic:
The reports released in 2018 November indicates that 1 of 3 cigarettes sold in South Africa is illegal. The cost of illegal cigarette cost about R50-60 per carton while the legal cigarette sold locally in South Africa cost R250 per carton. Consumption of illegal tobacco keeps increasing and this is due to their selling price
As global warming is increasing rapidly, the world has turned to renewable energy to try and decrease our carbon use and harmful gasses. Global warming might not have been the only reason for South Africa to consider renewable energy- as this topic comes to light with the current Eskom crisis.
Freedom of Movement When government struggle to meet its revenue estimates and projections fall short in three of its four main tax revenue instruments, proposals to increase the tax base are raised; and in this year’s budget speech, the Minister has looked to a fuel levy increase yet again.
An employee’s remuneration package was once carved in stone, consisting of their pay and some standard benefits, like medical aid and pension. However, things are quite different these days, with employers hoping to offer better rewards that entice top talent to join their organisations and stay longer. Here, we share our views on what workers […]
With the 2018 tax filing season having come and gone, several taxpayers got in contact with us after receiving a nasty surprise on their income tax assessment.
Running errands, doing collections and deliveries, sourcing supplies and materials, and liaising with suppliers and customers? It’s all in a day’s work for employers and employees of small businesses.
After becoming aware of an increase in payroll deductions in recent years, the South African Reserve Bank (SARB) and National Treasury have engaged in discussions with stakeholders on the creation of a regulatory framework to govern payroll deductions. The proposal was open for public comment until 30 April 2018.
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In the News
- 2019 Budget Speech: Systems set in place- revenue collections.February 21, 2019 - 4:32 pm
- Tax Revenue and Raising SARS’ CapacityFebruary 21, 2019 - 3:54 pm
- Budget Speech 2019: Illicit Economy UnitFebruary 21, 2019 - 3:11 pm
- Budget Speech 2019 : Renewable Energy and Carbon Tax – Key to Eskom’s Salvation?February 21, 2019 - 12:47 pm
- 2019 Budget Speech: Fuel Levy hikeFebruary 21, 2019 - 9:49 am
- Can we use standard pay scales in the form of a regressed market for remuneration management?June 27, 2016 - 12:07 pm
- What are the key considerations when attempting to comply with “Equal Pay for work of equal value”?June 27, 2016 - 12:06 pm
- How do I optimally structure travel allowances for employees?June 27, 2016 - 12:04 pm
- How does a Total Reward Statement (TRS) enhance my company’s Employee Value Proposition (EVP)?June 27, 2016 - 12:03 pm
- What advantages does CTC with flexible benefits have for my staff and company?June 27, 2016 - 12:02 pm