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MARCH 2016 NEWSLETTER
You and Budget 2016
“I have a simple message. We are strong enough, resilient enough and creative enough to manage and overcome our economic challenges” (Finance Minister Pravin Gordhan in the Budget Speech) 


How am I affected?  The highlights
(Note that these are proposals, subject to final legislation.  The effect on revenue collections is shown in brackets)
  • The good news was income tax and VAT rates were not increased. Income tax relief was restricted to lower earners (+R7.6 billion)

  • Capital Gains Tax inclusion rates were increased for both individuals (from 33% to 40%) and companies (from 66% to 80%) – see the table below for the effective rates (what you will actually pay) (+R2 billion)

  • Sin taxes (alcohol, cigarettes) were raised (+R2.2 billion).....
read more
 
 
Why was this Budget so important? 
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Since “Nenegate” in December, the country has been fearful of a Rating Agencies’ downgrade which would put the nation’s debt at junk status.  This would force all foreign bond holders to sell their bonds, ushering in another Rand crash and almost certainly a recession. The country was thus looking to Finance Minister Gordhan to resolve this.   
 
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How You And Your Employees Can Benefit From B-BBEE 
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The Codes of Good Practice (CoGP) are now in effect in terms of compiling your Broad Based Black Economic Empowerment (B-BBEE) scorecard. One aspect of the new codes that has caused difficulties is the Enterprise and Supplier Development (ED) category. It is a priority element (if you miss your target scorecard, you drop a level), it carries 40 scorecard points out of 105 (there are also 4 additional bonus points) and it involves substantial changes with the previous codes.
 
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Managing Your Business In A Fast-Moving 2016 
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In South Africa we face many socio-economic challenges – these are dealt with in the Budget story above.

As important is how we respond to a rapidly changing world where some experts are predicting that two thirds of the top 500 U.S. companies will be out of business in twenty years.
 
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Your Tax Deadlines For March 
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There are only run-of-the-mill tax deadlines for March.
 







Disclaimer

The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

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