Welcome news for companies in business rescue
SARS’s discretion to write off temporarily an amount of tax debt while a company is subject to business rescue will be reviewed.
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More prosecutions essential to getting off grey list, says Treasury’s Momoniat
The absence of a successful prosecution of anyone named in the Zondo report is a big concern, Business Times reports.
Industry red-flags contradictions between Divorce Act and pension law amendments
The Association for Savings and Investment SA and the Institute of Retirement Funds Africa also call for amendments not related to the two-pot system to be held over.
Key aspects of Treasury’s proposals to reform SA’s financial ombud system
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
Existing financial ombud system is ‘too complex’ for consumers to navigate
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
Ombuds will handle cases involving disputes of fact or law and award compensation
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
How the economy and the bond market influence the Budget
South Africa’s core fiscal challenge is to get the gap between economic growth and the cost of borrowing back into positive territory.
Treasury: tough challenge to tick off all the items on FATF’s Action Plan
SA has staggered deadlines by when it must address the 17 outstanding items on the global body’s 22-item Action Plan, to get off the grey list.
New tax reforms edge closer: public comment open on four draft Bills
The Draft Global Minimum Tax Bill aims to enforce a 15% multinational top-up tax on multinational enterprise groups, aligning with global efforts to implement a comprehensive system of minimum taxation.
Is South Africa on track to getting off the grey list?
Moonstone speaks to Ninety One’s Sangeeth Sewnath about the extent to which greylisting is affecting the economy, the markets, and investors.
Another amendment coming to curb tax avoidance when making an interest-free loan to a non-resident trust
The context to Treasury’s concern is where the arm’s length interest rate is lower than the official rate of interest.
Budget 2024: bad news for personal income taxpayers
Here are the government’s proposals for PIT, the medical tax credits, the fuel levies, and the duties on alcohol and tobacco.
Government to withdraw R150bn from SARB’s gold and forex account to get a handle on debt
A proposed reform will see half the account’s R500bn distributed to a SARB contingency reserve (R100bn) and to Treasury (R150bn).
Multinationals will be subject to a minimum effective tax rate of 15%
SARS will apply a top-up tax on profits reported by qualifying South African multinationals operating in other countries with effective tax rates below 15%.
Treasury anticipates tax windfall from two-pot retirement system
Many fund members are likely to withdraw the seed capital from their savings component.
Whatever happened to … NHI?
The Minister of Finance says the R1.4 billion allocation demonstrates the government’s commitment to National Health Insurance.
Whatever happened to … a basic income grant?
Changes are afoot to the qualifying criteria for the Social Relief of Distress grant, for which provisional expenditure has been allocated to 2027.
