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Mboweni sends the right signal?

Finance minister Tito Mboweni’s new economic strategy paper is a refreshing, much needed breath of fresh air for an economy struggling for oxygen. The paper is replete with common sense proposals all aimed at achieving the economic growth South Africa desperately needs. We have been stumbling along a low-growth path of high taxes, kilometres of red-tape, wealth redistribution, and anti-individualism for far too long. If Mboweni’s paper can be taken as a true step in a new direction, a direction of more individual freedom, South Africa will see green shoots of recovery almost immediately.

Minimum Wage – a crime against the poor

The National Minimum Wage (NMW) is a crime against the poor of this country as it absolutely forbids them from accepting any compensation below the floor set by government. It is reasonable, therefore, to assume that some people who could be working are not employed because of the minimum wage.

Taxation of expats changes in the pipeline

Some South African tax residents working abroad, often referred to as 'expats', are grumbling about changes to the Income Tax Act, 1962 (the Act) which comes into effect on 1 March 2020.

Looming ‘expat tax’ is ultimately fair

On 1 March 2020 the amended section of the Income Tax Act concerning the foreign employment income exemption comes into effect. This so-called 'expat tax' has caused concern among South Africans working abroad who currently pay no tax if they meet certain criteria. But, from next year, only R1 million of this income will be exempt from tax here.

Budget 2019 | comments on corporate tax

Finance Minister Tito Mboweni delivered the 2019 Budget Review today. What will the 2019 Budget Speech mean for your business?

2019 Budget Prediction

As an election year, a second State of the Nation Address (SONA) will probably be held during June 2019 wherein the newly elected government will present their programme of action for the 2020 financial year. The SONA address that was delivered by President Cyril Ramaphosa on Thursday 7 February 2019, accordingly reflected on the Medium Term Strategic Frameworks designed and implemented in the past five years.

New research on profit shifting and corporate tax avoidance

A new SA-TIED research study estimates that South Africa loses about 7 billion ZAR a year due to profit shifting by multinational corporations; amounting to about 4% of total current corporate income tax receipts.

Conduct of Financial Institutions Bill published

The draft Conduct of Financial Institutions (COFI) Bill has been published by the National Treasury for comment. Comments will be accepted until 1 April 2019.

Proposal for a regulatory framework for payroll deductions

After becoming aware of an increase in payroll deductions in the past years, the South African Reserve Bank (SARB) and National Treasury have engaged in discussions with stakeholders on the creation of a regulatory framework to govern payroll deductions. The proposal was open for public comment until 30 April 2018.

Will the MTBPS appease Moody’s?

The 2018 Medium Term Budget Policy Statement (MTBPS) will be a key determinant for SA’s credit ratings. A Moody’s Investors Service credit ratings decision was initially scheduled for 19 October 2018. Moody’s is now expected to release its statement on South Africa's sovereign credit rating after Finance Minister Tito Mboweni delivered the MTBPS.
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