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Tag: South African Revenue Service (SARS)
Where is the focus on growing South Africa’s small business sector? That is the overriding question we are left with at the end of Finance Minister Tito Mboweni’s maiden budget speech. The few mentions the Minister made about Small & Medium Businesses were short on detail at a time when we desperately need to supercharge the growth of this segment.
In the 2019 State of the Nation Address, our President set out an ambitious agenda for our nation. It is an agenda that speaks to the South Africa that we can be. It is a task list for all of us. It lays out a series of interventions that will put South Africa on a bold new path.
Against the backdrop of the weakening Rand, the pain point of the increased marginal tax rate of 45 per cent, the increase in the VAT rate by 1 percent in April 2018 and the decline in household spend, can South Africans really afford another tax rate hike?
When Finance Minister Tito Mboweni gives his Budget Speech for the 2019/20 tax year next week (20 February), I hope to hear examples of how the government will work towards boosting South Africa’s ranking in The World Bank's annual 'Doing Business Report'. Given that India climbed 23 positions in this year’s ranking and that South Africa ranked 32nd just a decade ago, this goal is highly achievable.
Finance Minister, Tito Mboweni, delivers his first Budget Speech on 20 February at a difficult time for the South African economy. Even though President Cyril Ramaphosa has done much to restore business confidence in his first year in office, GDP growth remains weak, government finances are in relatively poor shape, and renewed load shedding is hurting business confidence.
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.
There are now more than 100 registered Section 12J (S12J) companies in South Africa and it is estimated that the market has raised more than R3.6 billion in investments. S12J was instituted in 2009 with a 12 year sunset clause set to end in June 2021.
Tax authorities could do more to realise the full potential of new technology to reduce the tax compliance burden on taxpayers, according to the 2019 edition of the annual Paying Taxes 2019 Report, produced by PwC and the World Bank Group.