President Cyril Ramaphosa emphasised the importance of the government’s role in fostering economic growth so that businesses can generate much-needed jobs in South Africa at this year’s State of the Nation Address (SONA). Since South Africa’s unemployment rate reached 34.9% in Q3 2021, there is an urgent need to improve policies and regulations to promote...
We trust you’ve had a smooth and successful tax return submission. The tax filing season for individuals or non-provisional taxpayers came to an end on Monday, 24 October 2022. SARS released a notice earlier this week detailing Administrative Penalties for the Late Submission of Tax Returns. Up to now, taxpayers were only liable for administrative...
The Unemployment Insurance Fund (UIF) announced earlier this month that effective 1 October 2022, all Gauteng Labour Centers will no longer accept manual UI-19 forms that update employees’ information. The purpose of the UI-19 form was normally for claiming UIF benefits. This notice was made available by the UIF call centre. The notice isn’t dated...
On 22 September 2022, the South African Reserve Bank increased interest rates by 75 basis points, just two months after the last interest rate increase. The latest increase resulted in rates returning to their pre-pandemic levels. The 75 basis point hike was favourably voted for by three members of the monetary policy committee. However, two...
The 2022 Filing Season for Employers came to an end at the end of May and 1 July marked the start of tax filing season for individuals. Most taxpayers will be “auto assessed” due to not having complicated structures and/or they may even have a single tax certificate. It’s imperative that these “auto assessments” are...
Over the last few years, the South African government has prioritised retirement reform. The ultimate goal of retirement reform is to improve financial outcomes for members of retirement funds. The goal of the government is to encourage South African households to save more for retirement and to protect their retirement funds. Unions have made things...
Companies often provide their loyal and long-serving employees with an award of some form or another at certain times during their tenure with the company. The more well-known, and often joked about award, is that of the traditional “gold watch”.More recently, companies have become a little more creative when it comes to long service awards,...
On 24 May 2022, SARS released a communication to employers detailing the current dispute regarding the 2022 wage negotiations process. On 13 April 2022, the CCMA issued Picketing Rules that entitled the unions to serve SARS with 7-days formal notice of strike action. This official notice was received by SARS to address the anticipated commencement...
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...
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