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5 Myths About Your Taxes That May Save You Money

“When it comes to employee tax, a little training goes a long way towards restoring productivity,” says Tanya Tosen, Tax and Remuneration Specialist at Remuneration Consultants. Many employees don’t understand the complex tax calculations payroll applies to their earnings each month and often question these deductions. This is fuelled by tax myths that have become…

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Taxpayers Beware: 10 Points From SARS

On 5 May 2020, the Commissioner for SARS made a profound media statement, which gave a detailed account of projected revenue collection in light of the COVID-19 crisis, but also gave valuable insight of what we can expect from SARS in coming months. The most important aspects of the address can be unpacked as follows:…

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Easy Aid Guide For Employees for UIF Benefits

Easy-Aid Guide for Employees for UIF Benefits The Minister of Employment and Labour has announced measures that the Department will put in place as required under the current special circumstance relating to the Corona virus (COVID-19) and its impact on UIF contributors. The Unemployment Insurance Fund will compensate affected workers through a new “National Disaster…

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Beware tax refund scam, Kaspersky warns

A wave of fraudulent tax refund letters was launched at unsuspecting taxpayers globally, according to Kaspersky’s Spam and Phishing Report for the second quarter of 2019. The internet security firm says scammers want to make the most of the time of year when there are usually deadlines for tax submissions and taxpayers expect tax refunds….

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Tax Ombud: ‘Systemic investigations the way forward’

Eric Mkhawane

Outgoing CEO Eric Mkhawane reflects on five years of resolving issues between taxpayers and Sars. The Office of the Tax Ombud should conclude its systemic investigations into problems with Pay-As-You Earn (PAYE) statements of account and alleged non-adherence to dispute resolution timeframes by the South African Revenue Service (Sars) shortly. Its outgoing CEO, Eric Mkhawane,…

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South Africa’s big tax gap problem

Tax South Africa

The South African Revenue Service (SARS) reported its preliminary results at the start of April, which exposed a revenue collection shortfall of approximately R14.6 billion for the 2018/19 financial year. This makes it the fifth consecutive year that the organisation has missed its collection targets. However, what is not immediately clear from the numbers above,…

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What’s next for tax-free savings accounts?

Tax Free

Almost four years have passed since National Treasury introduced tax-free savings accounts (TFSAs) to improve South Africa’s dismal savings rate. The accounts provide a tax-free wrapper that investors can use for investments in various asset classes by opening accounts with banks, asset managers, life insurers and stockbrokers. Currently, individuals can invest up to R33 000…

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Caution needed about the hype around ‘pervasive profit shifting’

pervasive profit shifting

A recent study on the role of large foreign multinational companies in shifting profits from South Africa to ‘tax havens’ has been welcomed, but also criticised. According to the research done on behalf of the Southern African – Towards Inclusive Economic Development (SA-TIED) programme, tax haven-owned firms are 80% less profitable than their non-haven-owned counterparts….

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