Tag: tax rate
An important update regarding the two-pot retirement system
National Treasury and the South African Revenue Service (SARS) provided important feedback at the recent sitting of the Standing Committee on Finance as part of the parliamentary process regarding the much anticipated two-pot retirement system.
Are you considering a university education for your child?
In a world where more young people are unemployed than employed, it has never been more important to ensure our children’s future. Ultimately, you want to empower them to rise above their competitors in the race for the limited jobs that are on offer.
Paying taxes to unlock financial freedom
Nobody enjoys paying tax, but since it’s our legal obligation, we may as well make the most of it by legitimately saving where we can. Because tax savings - even if fractional - compounded over prolonged periods of time can contribute significantly to any person’s financial position.
Reading the fine print of the solar incentives – load shedding’s...
At first, the response to government’s power moves, announced at last month’s Budget Speech, was overwhelmingly positive. Energy packages, which offered tax incentives for households and businesses to offset the steep financial toll of load shedding, were introduced.
No wealth tax, but trustees beware
Despite speculations that government has revived plans to introduce a wealth tax, the focus of the South African Revenue Service (SARS) has instead shifted to compliance of wealthy taxpayers with complex financial structures as well as trusts.
Expanded renewable energy incentives to tackle electricity crisis
Every South African is currently faced with the ongoing negative effects of rolling electricity blackouts, which Government euphemistically refers to as “load shedding”. It affects our businesses, our homes, our livelihoods, our safety and our faith in the future of our country.
Two-Pot System for retirement funds
South Africa’s retirement fund legislation has undergone a series of changes since 2012 as part of government’s retirement reform process, which is aimed at ensuring that retirees make adequate retirement provision.
All taxes are wealth taxes – Wealth Tax & Basic Income...
All taxes are wealth taxes. All taxes imply the transfer of wealth from the individual owner to a government agency. The only difference between taxes is the tax base or event upon which the tax is levied, and the difference between the total burden borne by the taxpayers and the amount of revenue actually received by the government.
Top tips on the planned two-pot system for retirement savings
On 29 July 2022, National Treasury released the 2022 Draft Revenue Laws Amendment Bill for public comment until 29 August 2022 to introduce the 'two-pot' system for retirement savings that was flagged in the National Budget.
2022 Budget Speech – key highlights
The Minister of Finance, Enoch Godongwana, delivered the 2022 Budget to parliament. Discussed below are key highlights from the 2022 Budget Review:
