On 19 May 2022, the SA Reserve Bank has raised South Africa’s interest rate by an amount citizens have not seen since 2016! The increase of 50 basis points, or half a percentage point, rather than the quarter-point steps lenders and borrowers were expecting. The increase, the largest since 2016, takes the repo rate to 4.75%...
The South African Revenue Services (SARS) have recently released an updated Service Charter. The new Service Charter comes into effect from 1 April 2022 and details their service commitment for Tax, Customs & Excise. According to SARS, the new and updated Service Charter is the outcome of several engagements, including external inputs received and audit...
SARS have released a letter on 25 April 2022 detailing information about changes in respect of Tax Directives that have been implemented. The SARS notice addresses Fund Administrators, Insurers, Tax Practitioners, Advisors and taxpayers. Here’s a summary of the changes: Taxpayers who are members of pension preservation or provident preservation funds, who have reached retirement...
SARS have recently released a communication to employers detailing changes to the PAYE Admin Penalty dispute process. These process changes are coming into play effective 23 April 2022. In 2021, SARS implemented hefty administrative penalties for late or non-submission of the EMP501 Employer Reconciliation Declarations. If an employer wanted to dispute these administrative penalties, they were...
During the 2022 / 2023 Budget Speech, the Minister of Finance announced an increase in the ETI values which took effect from 1 March 2022. In addition, and to specifically assist in curbing the abuse happening within the ETI system, some significant changes were proposed in the recent Taxation Laws Amendment Act, which was ultimately...
Some important information was released by SARS regarding the 2022 Employer Filing Season. Filing Season 2022 The 2022 Filing Season for employers is open for submissions from 1 April and closes on 31 May 2022. Employers are required to submit their annual reconciliation declarations covering the full tax year from 1 March 2021 to 28...
The South African Reserve Bank’s Monetary Policy Committee (MPC) has decided to raise the repo rate by another 25 basis points with effect from 24 March 2022. This increase of 0.25%, positions the Repo Rate at 4.25%, which then also increases the prime lending rate of the commercial banks to 7.75%. Reserve Bank governor Lesetja Kganyago said in...
Employers are to please take note of the following important information regarding COIDA: RETURN OF EARNINGS (ROE) MINIMUM ASSESSMENT AND MAXIMUM EARNINGS In terms of Sections 83 (8) and 83 (2) of the Compensation for Occupational Injuries and Diseases Act, the Director-General of Employment and Labour has issued a notice as follows: an increase to the minimum...
The updated information and rates relating to the Prescribed Travel Rate per KM and the latest Determined Travel Allowance Rate Table has been outstanding since the 2022 Budget Speech. Recently, Finance Minister Enoch Godongwana signed off on the latest rates and they are as follows: Prescribed Travel Rate Per KM The prescribed travel rate per...
Finance Minister, Enoch Godongwana delivered his first Budget Speech on Wednesday 23 February 2022. The corporate income tax rate was reduced from 28% to 27%. (Financial year-end dependant at this point). Personal income tax brackets have been adjusted and have brought some welcome relief and for the first time since 1990 there was no hike in the...
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