The Tax Guide

You pay to deregister for VAT

The Value Added Tax (VAT) Act is enshrined with provisions that allows a VAT registered person to deregister and also allows BURS...

When do salary advances trigger PAYE?

I know quite well that Tax is not one of the easiest subjects or professions that one can come across as it is marred by divergent...

PAYE on cars is not impacted by depreciation

The Income Tax Act prescribes that employees should be taxed on the pleasure which arises from using company vehicles for private...

VAT registration possible without P1m

Did you know that the VAT Act allows any person to register for VAT before their annual turnover exceeds P1m? This is, however, subject...

No terminal pay without BURS’ nod

Retrenchments are never a pleasant experience and they negatively affect people both economically and socially. On the tax side of...

Introducing Tax Risk Management Policies

The concept of a Tax Risk Management Policy (TRMP) is rarely spoken about in the tax fraternity, yet it is so critical in managing...

Once -off sales don’t trigger vat registration

The VAT Act prescribes that anyone who meets P1m in annual sales must compulsorily register for VAT, if the sales are subject to VAT...

Dividends which are not dividends; for tax

Those of you who did economics will remember that one of the means of production is enterprise. Employees earn salaries from services...

14% VAT due even when quotes show 12%

The change in the VAT rate from 12% to 14% has some practical implementation challenges and one of such instances is what happens...

NO MORE TAX ON RENT AND COMMISSION BELOW P4K

The Minister of Finance and Economic Development, Dr Thapeko Matsheka, issued an Income Tax Amendment Bill 2021 on 26 March 2021 which...

New taxes: Breadwinners facing opening jaws

On April 1st 2021, government effected new taxes and further increased some of the existing ones. VAT alone will fetch an extra P1.27...

TAX INTEREST MUSTN’T BE CHARGED ON UNEXPECTED PROFITS

There is a matter which has been the subject of debate for years and that is whether taxpayer’s must be charged interest for late-payment...

NO 3% CONSTRUCTION TAX ON ME, PLEASE!

You may know that there is a 3% tax whenever one pays any person, whether resident or not, amounts in respect of construction contracts...

Implementing the Risk Management Strategy

After crafting a risk management strategy, management needs to consider how the strategy will be implemented in order to ensure achievement...

Two VAT rates will be applicable after 01.04.21

Following the announcement by the Minister of Finance and Economic Development that the VAT rate will increase from 12 percent to...