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Latest news

New B-BBEE codes unveiled! Find out what this means for your business...

Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]

Department of Trade and Industry set to announce new B-BBEE codes...

The Department of Trade and Industry, together with the Black Economic Empowerment advisory council, will announce new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice at a summit on 3 and 4 October, Fin24 reports. Read on to find out how this announcement could affect your [read more...]

Industrial Action Report finds SA recorded the highest number of strikes last year

A 2012 Industrial Action Report tabled by the Department of Labour (DoL) has showed a significant increase in the number of strikes last year, compared to the previous four years, EyeWitnessNews reports. According to the report, there were 99 strikes recorded last year alone. Here are the key [read more...]

Taa

  • Discover why a good tax record could save your company money
  • It's important that you comply with all the tax laws all the time. Not only is this good practice, but being on the right side of the law could save your company money too. Here's how...... ››› more
  • [26 August 2013]
  • Warning: Your accountant may resign after reading this press release
  • The South African Institute for Business Accountants (SAIBA) has issued an ominous press release. SAIBA warns tax practitioners to 'sharpen their pencils or face the full might of the law'. Read on to find out more....... ››› more
  • [19 August 2013]
  • SARS goes after Agliotti for tax evasion - make sure it doesn't come after you!
  • SARS is at it again. This time, it's after overseas bank accounts that belong to convicted drug dealer Glenn Agliotti. The taxman believes Agliotti has funds in European bank accounts in Geneva and Guernsey. It believes he's trying to put the money beyond the reach of South African creditors, EyeWitnessNews reports. While you await the outcome of this legal showdown, in the meantime, make sure you're aware of which six tax evasion offences could get you five years in jail so you can avoid them.... ››› more
  • [13 August 2013]
  • Four consequences you'll face if you don't keep your company records in the correct format
  • Record-keeping is the most important aspect of your Vat management strategy as your records are the proof you need to substantiate your claims and returns to SARS. One tiny error in your records will result in these four penalties...... ››› more
  • [16 July 2013]
  • Submit your 2013 individual tax return or face these two harsh penalties
  • If there's one thing SARS doesn't tolerate, it's non-compliance. A Cape Town couple learnt that lesson the hard way this week when they received a hefty jail term for stealing over R6million from SARS...... ››› more
  • [12 July 2013]
  • Six tax offences that could get you five years in jail
  • SARS is taking a very hard-line approach to dealing with non-compliant and lax taxpayers and have made this decidedly clear in the Tax Administration Act (TAA). In fact, you could pay a 200% penalty or go to jail for not registering to pay income tax or hiding your income from SARS. These are just two examples of tax evasion. Do you know the rest? Read on to discover offences SARS deems as tax evasion that could get you five years in jail.... ››› more
  • [24 June 2013]
  • Prepare for a tax audit so you don't get labelled as a tax evader like Shakespeare!
  • The first mention of William Shakespeare in London has nothing to do with his plays. In fact, a reference from 1592 lists him as a tax defaulter. Seven years later, when he was famously composing plays the world knows and loves, Shakespeare had still not paid the tax! In South Africa, this would definitely trigger an audit for your business from SARS. But don't panic if you're facing this fate, as you have certain rights that will help you survive a SARS audit.... ››› more
  • [17 May 2013]
  • Tax practitioners who've already registered with one of the five local controlling bodies SARS has approved are sitting smug as the 1 July deadline for registration swiftly approaches. But they shouldn't be so smug, as SARS has announced they can't just sit back - they have to re-register with the controlling bodies, too!...
  • [16 May 2013]
  • The secret to avoiding a 'tax evasion' label from SARS...
  • It's not just the small companies that let things slide financially and 'forget' to submit their tax returns to SARS on time... or to submit them at all. Finance Minister Pravin Gordhan said yesterday that a number of top firms are side-stepping tax too, by shifting their profit centres to parts of the world where they can avoid paying tax. Here's what to do if SARS suspects your business of tax evasion.... ››› more
  • [15 May 2013]
  • Vat vendor: Don't let changes to the TAA confuse you about input tax deductions!
  • SARS is expected to make a number of new provisions in this year's income Tax Amendment Act or TAA. The reason? Strengthening the act will ensure SARS recovers as much as it can from companies that've registered with it. But don't see this as all bad news - you still have the right to make input tax deductions from SARS if you're a registered Vat vendor! Here's how...... ››› more
  • [13 May 2013]
  • Tax Administration Act: SARS officials can show up unannounced to check your accounting records
  • Yes, you read that right! With the new Tax Administration Act (TAA), SARS officials can show up at your door to check your accounting records without giving you any notice. SARS requires companies, as well as close corporations, to keep accurate accounting records and documentation to support all transactions (revenue declared as well as expenses claimed). So let's see what you need to have in place to stay out of trouble with SARS...... ››› more
  • [29 April 2013]
  • Vat Matters: JHB Vat Masterclass - Only 10 seats left for 15 & 16 May 2013
  • The Vat Masterclass Series has taken Joburg by storm and the bookings are flooding in! Seats are limited. And they're filling up fast!... ››› more
  • [25 April 2013]
  • Vat Matters - Bookings are now open for the Vat Masterclass Series 2013
  • Find out how the new Tax Administration Act (TAA) affects your Vat when you're being audited, Learn how the lifting of the Transfer Duty restriction on notional input tax claims will put more cash back in your business and Our expert gives you the lowdown on the new changes SARS has introduced on the Vat Return.... ››› more
  • [04 April 2013]
  • What can SARS do when if the suspect your company of tax evasion?
  • India's tax authorities are considering slapping criminal charges against Cadbury's Indian division for allegedly furnishing false documents and pretending to make chocolates in a non-existent factory to avoid paying excise duty, reports FSP Business. It's been dubbed 'blatant tax evasion' by tax authorities and could lead to massive fines for the group if proven guilty. While your company may not knowingly be involved in tax evasion practices, if SARS suspects there's something fishy with your books it could do a surprise raid on your business to check. Here's what to expect if this happens...... ››› more
  • [07 March 2013]
  • Many tax practitioners are expecting suprises from this year's budget speech as it comes just one day before the tax year-end, giving tax practitioners less time to implement any tax-saving breaks for your business. But you shouldn't be worried about tax surprises - rather check if your business' tax practitioner will meet the South African Institute of Tax Practitioners' first national assessment for compulsory competency assessment on 15 February......
  • [12 February 2013]
  • Keep your Vat records in these four record-keeping formats to avoid two years in jail
  • Value Added Tax (Vat) is going to be introduced in the Turks and Caicos Islands on 1 April. Businesses that don't comply will be taken to court. And those that don't have good record-keeping systems in place will struggle. In South Africa, there are four Vat record-keeping formats that SARS will accept ...... ››› more
  • [30 January 2013]




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