Tag: tax relief
Unlocking benefits – medical aid tax credits & subsidies
Paying monthly contributions to a registered medical aid scheme ensures your healthcare cover and offers financial benefits facilitated by the government through tax relief. This tax relief, known as "tax credits", is a percentage deducted from your tax liability and subsequently refunded to you.
The curious case of costing the NHI
While the President has signed the National Health Insurance (NHI) into law, the bean counters at National Treasury have yet to start looking for their excel sheets needed to ensure the NHI is fully costed. The first reason is due to the confusion of objective versus political ideology. The NHI has been touted as introducing “universal healthcare coverage” (UHC).
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.
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.
Budget 2023: Inflation – the invisible taxman
Inflation is the increase in prices over a specific period and which leads to a reduction in the purchasing power of money. The correlation between inflation and purchasing power is important because sometimes we are fooled into thinking that just because an amount increased, like your salary, your purchasing power remains the same.
Budget 2023 | SA Finance Minister Enoch Godongwana’s Speech
The 2023 Budget was tabled to Parliament on 22 February 2023 by South African Finance Minister Enoch Godongwana.
Budget 2022 | SA Finance Minister Enoch Godongwana’s Speech
The 2022 Budget was tabled to Parliament on 23 February 2022 by South African Finance Minister Enoch Godongwana.
As SARS rolls out smart collection, tax practitioners must respond
As the SARS collection process becomes more technologically advanced, tax practitioners must advise clients to avoid tax evasion and remain compliant. SARS will soon become so efficient at detecting tax evasion and recovering hidden revenues, it will no longer be worth it to lie on returns.
Budget 2021 | SA Finance Minister Tito Mboweni’s Speech
The 2021 Budget was tabled to Parliament on 24 February 2021 by South African Finance Minister Tito Mboweni.
SA’s eroding income tax base: what does this mean for SARS?
Over the course of lockdown, pundits have shared some harrowing statistics regarding the increase in unemployment in South Africa. In general, our unemployment rates are moving in the wrong direction and the affected households have suffered great hardship as a result, but it is important to understand what this means for our tax base and our growing budget deficit.
