View the collection of Deloitte South Africa press releases....
| Contractors finally recognised |
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22 February 2007 |
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Tax avoidance in the form of individuals contracting either through a labour broker entity or a personal service entity (company/close corporation/trust) or as a sole proprietor rather than being regarded as employees and being subject to employees’ tax was a very popular practice in the past. The benefit of this practice to the individual was that they were not subjected to PAYE, a monthly withholding tax on payments made to employees, as they were effectively not employees. It also enabled individuals to claim additional deductions that a salaried employee would not have been entitled to.
SARS introduced legislation in 1990... |
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| Tax-free treatment of lump sum payments covering death at work |
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22 February 2007 |
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Lump sum death benefits paid outside of the Compensation for Occupational Injuries and Diseases Act have, previously not been exempt from tax as was the... |
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| Update of the medical aid contribution tax-free amounts |
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22 February 2007 |
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The much anticipated 2007 budget speech delivered by the Minister of Finance, Trevor Manuel, has come and gone. This speech saw South Africans witness the Minister of Finance delivering on his promise to annually update the monthly medical aid contributions tax-free amounts as promised by him when he introduced the new tax treatment of medical aid contributions. The Minister has increased the monthly tax-free amounts from R500 to R530 per month for the taxpayer and one dependant and from R300 to R320 for every additional dependant. This increase is aimed at aligning the monthly tax-free amounts with the annual increase in medical aid... |
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| Social security in South Africa |
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22 February 2007 |
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The Minister of Finance introduced in his Budget Speech social security reform in South Africa. The purpose behind this initiative is, in the Ministers words, “to encourage saving and self reliance”. It is a well known fact that South Africans, generally, are not inclined to save and the current retirement saving plans generally benefit high income earners and do not incentivise those who fall below the tax threshold to save for the future.
The social security system being proposed will serve to protect the low income employee and will be administered and collected by the South African Revenue Service (“SARS”)... |
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| Deloitte House View on the 2007 Budget |
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21 February 2007 |
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As expected the budget speech delivered by Finance Minister Trevor Manuel did not contain any dramatic changes and the overrun in last year’s revenue collection enabled him to once again ease tax thresholds slightly. One of the more significant, and pleasant proposals was the replacement of the secondary tax on companies of 12.5% to a dividends tax of 10%. |
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| Expect good and bad tax news in budget tomorrow experts advise |
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20 February 2007 |
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Finance Minister Trevor Manuel is likely to dish out some pleasant surprises for companies and individual taxpayers in tomorrow's budget. Tax analysts predict inflation related adjustments to tax thresholds amendments to the tax laws including the usual increase in sin taxes and refinements to the tax collection process that will make it easier to submit tax returns. |
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| Private equity investors target China |
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19 February 2007 |
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As challenging as the slow pace and regulatory uncertainty in China may be, Mark Casey, Director responsible for private equity services and the Chinese Services Group at Deloitte Southern Africa, says that foreign investors — and especially private equity investors — have been willing to forge ahead. “Private equity investors have been looking at China in large numbers and have been finding increasing opportunities, although the transactions are usually much smaller than private equity deals in other parts of the world,” he says. “Worldwide, private equity... |
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| All eyes on Manuel's budget |
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19 February 2007 |
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This week Finance Minister Trevor Manuel will announce this year's budget and all eyes are on him to see whether he plans to address the biggest 2014 headache facing small companies increased amounts of red tape. Last year Manuel announced amendments that aided small firms one amendment increased the threshold below which you are considered to be a small business from R6m in turnover to R14m making it easier to qualify for preferential treatment. |
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| What's in the Budget for you? |
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16 February 2007 |
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Find out in The Mercury on Thursday February 22 when the low down from Finance Minister Trevor Manuel will be featured in an eight page supplement sponsored by Deloitte as well as in a special section in Business Report.
Make sure you are financially up to speed by reading your Mercury next Thursday. |
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| Sars now offering the rich their own taxman |
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15 February 2007 |
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The latest status symbol? To have your own taxman.
The 500 most wealthy people in the country have been sent letters by the South African Revenue Service (Sars) informing them that they will be assigned their own individual tax assessor to look after them
personally.
However, being among the top 500 has been seen as a status symbol and some wealthy people who have not received a letter from Sars are apparently upset at being overlooked. |
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