Tag: Employment Tax Incentive (ETI)

The South African Revenue Service (SARS) has signalled a stronger focus on Pay-As-You-Earn (PAYE) compliance. Furthermore, SARS PAYE compliance focus is highlighted in its 2023/24 Annual Report. SARS's renewed attention includes a rigorous auditing strategy targeting employers. The aim is to ensure PAYE is accurately held and remitted.

In a significant move to strengthen the integrity of the Employment Tax Incentive (ETI) scheme, the government has proposed amendments to Sections 1(1) and 5(3) of the Employment Tax Incentive Act, No. 26 of 2013. The ETI, introduced in 2013, aims to encourage employers to hire young job seekers by reducing the cost of employment through a government-supported cost-sharing mechanism.

The 2023 Budget was tabled to Parliament on 22 February 2023 by South African Finance Minister Enoch Godongwana.

On 21 June, members of an anti-migrant group named Operation Dudula showed up at Park Station in Johannesburg vowing to shut down the station. They believed vendors operating there were not South African and therefore are taking away space from South Africans who cannot make ends meet.

South Africa’s Minister of Finance, Mr. Enoch Godongwana, delivered his maiden National Budget Speech to the National Assembly on Wednesday, 23 February 2022. A crucial function of the Budget Speech is to provide details of spending and make proposals about how the priorities outlined in the President’s State of the Nation Address will be funded.

The Minister of Finance, Enoch Godongwana, delivered the 2022 Budget to parliament. Discussed below are key highlights from the 2022 Budget Review:

The 2022 Budget was tabled to Parliament on 23 February 2022 by South African Finance Minister Enoch Godongwana.

The President has given effect to the 2021 tax proposals by signing three tax Acts into law. On 14 January 2022, the President gave his assent to the Rates and Monetary Amounts and Amendment of Revenue Laws Act No. 19 of 2021 (Rates Act), the Taxation Laws Amendment Act No. 20 of 2021 (TLAA) and the Tax Administration Laws Amendment Act No. 21 of 2021 (TALAA). These Acts were promulgated on 19 January 2021.

Companies of every size and in every industry have a lot on their plate when it comes to tax-related paperwork. And while it is often an arduous task, ensuring accurate submission and meeting SARS deadlines is one of the most important responsibilities they face.

National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget. Highlighted are five key changes proposed by government that taxpayers need to be aware of.