Tag: tax rate
Two-Pot retirement system – withdrawal FAQs
From 1 September 2024 South Africans with retirement funds have the option to participate in South Africa’s two component retirement system. Qualifying consumers with tax directives will be able to access approximately R100 billion in retirement savings.
Efficient global payroll services for international businesses
Expanding operations across borders is becoming the norm in the modern business landscape, but with this expansion comes the challenge of managing payroll on a global scale. It’s a complex and crucial task that involves navigating diverse regulations, juggling multiple currencies and ensuring accurate payments to employees worldwide.
Budget 2024 avoids direct tax increases
Minister of Finance Enoch Godongwana delivered his Budget Speech 2024 to Parliament and the nation on 21 February 2024. A key announcement was that tax rates will not be increased in 2024/2025, as previously signalled by the Medium-Term Budget Policy Statement (MTBPS) 2023, to generate the extra R15 billion needed in revenue.
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.
