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...
Monday 28 February marks the end of yet another tax year. It’s a busy time of year for Payroll and HR Professionals as quite the task lies ahead to reconcile the payroll with the soon upcoming employer filing season. For taxpayers, it’s an opportunity to potentially receive a tax refund from SARS. Here are a...
The Minister of Finance, Mr Enoch Godongwana, will deliver his inaugural National Budget Speech on Wednesday, 23 February 2022. While it is unusual for the Budget Speech not to take place at the National Assembly due to the Parliament fires, anything can happen! It’s anyone’s guess which way the Budget Speech can go and what the...
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