Tens of thousands of businesses that qualify for Small Business Corporation (SBC) tax benefits – including for the first time, those in a tax loss position – are set to benefit from a new R15 000 rebate from the South African Revenue Service (Sars). But, a few will lose out too. The annual refundable tax… [Continue Reading]
Some 500 local suppliers in the Western Cape can now enlist on an integrated electronic procurement network, following the launch of the Western Cape Department of Economic Development and Tourism’s (DEDAT) access to markets programme. Supply Chain Network, which uses an online system to connect buyers and sellers, has been appointed to manage the programme.… [Continue Reading]
Business owners can now amend details and register for various types of tax with the help of just a single form – the Registration, Amendments and Verifications (RAV01) form. This follows the implementation of a single registration process last month by the South African Revenue Service (Sars). The aim of the process is to consolidate… [Continue Reading]
The adoption by the South African Revenue Service (Sars) of a new single registration process will see business owners save time and money. The new single registration process, which Sars began rolling out last month, consolidates the registration of all types of tax products for both individuals and legal entities into one single registration process.… [Continue Reading]
Starting a business, anywhere around the world, is a daunting task. Starting a business in South Africa, however, is made incredibly difficult by frustrating red tape, sometimes enough for many to give up on their dreams. In the 12 years that I have been involved in business, either as founding entrepreneur or business partner, I’ve… [Continue Reading]
Almost 13 years after it was adopted, Small Business Corporation (SBC) tax could be set for a radical overhaul and its graduated structure replaced by a rebate, if proposals by a tax review committee are adopted by Parliament. The new proposals – which also include amendments to the turnover tax on micro businesses – follow… [Continue Reading]
With effect from 1 January 2014, employers can take advantage of the Employment Tax Incentive, often referred to as the “youth wage subsidy”. According to Neil Raymer, Human Resources director at Labourwise, it appears to be a very simple process, essentially administered by the South African Revenue Service (Sars). “The scheme is available to employers… [Continue Reading]
Think about it – you cook regularly at home, and you’re quite good at it. You’re organised, and good with people, so why not consider making food for a living, as a contract caterer? These are caterers who provide food in the workplace, schools, universities, hospitals and homes, as well as for occasions such as… [Continue Reading]
Employee’s tax (PAYE) is the amount withheld by an Employer from an Employee’s remuneration on a regular basis (usually weekly or monthly) and paid across to the South African Revenue Service (Sars) on behalf of that employee. Every employer who pays remuneration which includes salaries, wages, commission, allowances etc., is required to be registered as… [Continue Reading]
Newly appointed tax ombuds-man Bernard Ngoepe is under no illusions about the enormity of the task at hand, but believes his role can help “remove unnecessary obstacles” that have hurt small businesses in the past. Ngoepe is considered one of the most respected judicial figures in the country. He was appointed as Judge President of… [Continue Reading]
