On 26 January 2023, the South African Reserve Bank (SARB) announced the first repo rate change for 2023. This affects you in more ways than one as it is ultimately tied to how much interest you pay on loans and credit cards, among other things. An important payroll-related aspect is the impact on the SARS...
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...
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...
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...
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...
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...
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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