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March 2020 NEWSLETTER
Budget 2020: Some Tax Relief!
The good news is that taxpayers have been given some money back with the Income Tax tables and there are no significant tax increases. Hopefully, this will help the economy to grow as it will encourage consumers to increase expenditure (about 60% of GDP depends on consumer spending). 

Company tax has also not been increased and some reforms are mooted ahead of a plan to reduce corporate tax rates.
 
We end off with some tax tables conveniently summarising what’s new, and what’s not.
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Your Selection of Budget 2020 Tax Calculators
ArticleImage This year most taxpayers will be happy to note they have been given some real relief. 

Enter your numbers in the Income Tax Calculator to find out.

How long will you work for the taxman today? How will your income tax change after Budget 2020? How much extra will you pay in sin taxes this year? 

We send you to a selection of online calculators for the answers.
   
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Budget 2020: Will it Please Moody’s?
ArticleImage Whilst taxpayers can enjoy some additional cash, the fact is that of all the ratings agencies, only Moody’s has not yet downgraded South Africa’s debt to junk status. 

We look at the initiatives that government plans to undertake to avert a downgrade; but is time on our side? 

We discuss by weighing government’s initiatives against the factors likely to influence Moody’s decision, and against Moody’s initial reaction to the Budget Speech.
   
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Directors: “Knowing” Is A Potentially Career-Threatening Word for You
ArticleImage As a company director you certainly enjoy wide powers courtesy of our Companies Act. But you must also manage the dangers of personal liability for any failure to live up to the onerous duties attendant on your office. Be aware therefore that the terms “knowing”, “knowingly” and “knows” are widely defined to include not only “actual knowledge” of facts but also information that you “reasonably ought” to have known.

We discuss the implications with a practical example. Non-executive director “Bill” has concerns over a subsidiary that imports equipment from China - a tricky situation in these days of COVID-19 and its trade disruptions. How can Bill protect himself from personal liability?
   
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Your Tax Deadlines for March 2020
ArticleImage
  • 6 March – Monthly PAYE submissions and payments

  • 25 March – VAT manual submissions and payments

  • 30 March – Excise Duty payments

  • 31 March – VAT electronic submissions and payments

  • 31 March – CIT Provisional Tax Payments where applicable
   







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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