With load shedding still firmly on the horizon, it was welcomed news in the recent Medium-Term Budget Policy Statement, that the government is advocating for the solar panel tax incentive to be extended to batteries and inverters. Electricity Minister, Kgosientsho Ramokgopa, wants more businesses and households to opt for rooftop solar panels, but feels [...]
Last month, the South African Revenue Service implemented a welcomed change to the foreign investment and emigration tax clearance process for individuals transferring money abroad. These changes are essentially system enhancements to align the different tax clearance processes and make compliance easier. With official emigration having been phased out in 2021, SARS new tax [...]
As of April 1st 2018, VAT increased from 14% to 15% bringing with it the likelihood of a major administration headache for you and your business. The degree to which you will be affected will depend on whether you are a VAT vendor or not. What is a VAT vendor? You are a VAT [...]
Finance Minister Malusi Gigaba delivered the budget speech today that has been described as responsible and balanced under the current circumstances and likely to put South Africa in a healthier fiscal position. Ratings agencies are also looking at it favorably however the budget isn’t without its surprises, namely the hike in VAT for the [...]
Important: As of 1st April 2018, VAT is now at 15% Most of us know that VAT stands for Value Added Tax and is currently levied at the standard rate of 14% in South Africa, but what exactly is this system and why is it in place? These are some of the questions we [...]
In our previous blog article titled ‘Retirement funds and tax’, we looked at tax implications while saving for retirement and the recent changes in legislation that allow you to save up to 27.5% of your taxable income when making retirement contributions. Retirement structure is based on three legs, namely exempt, exempt, and taxed. While [...]
Retirement planning is a long term commitment and for most of us, it entails a consistent monthly payment until you reach retirement age. Whether you are self-employed and contribute directly, or your employer is submitting payments on your behalf, these payments become part of life - or perceived as another expense at month-end - [...]
Thousands of South Africans leave the country each year to earn a better wage, enticed by the favorable remuneration packages being offered. Low tax rates or tax-free jurisdictions such as Dubai in the Middle East are strong magnets for South Africans where despite harsh conditions, long working hours and separation from their families, they [...]
With South Africa experiencing low economic growth, high unemployment, slow progress in education and uneven income growth, it was only expected that our finance minister Pravin Gordhan would need to make tough decisions in his 2017 budget. While many of these tougher measures span the full scope of the budget, we will be purely [...]
Dirmeik Consulting has recently expanded into KwaZulu-Natal and we wanted to offer advice for businesses looking for an accounting firm or tax consultant in the greater Durban area. Accounting companies in Durban When looking for an accounting firm, it is human nature to first see if someone in your business circle can refer [...]
Jozi, the city of gold and the richest province in South Africa. While Johannesburg’s gold rush has long passed, many still flock to Joburg for lucrative employment and business opportunities. For the businesses and individuals reaping the rewards of Joburg’s economy, it becomes increasingly important to find a quality accountant and tax consultant. In [...]
To continue our series of blog articles focusing on types of tax, we turn our attention to Donations tax. Most of us know the saying “It is better to give than to receive”. While that is true, it probably wasn’t taking into account the tax implications of giving which many are unaware of. If [...]
