tax

7 Results / Page 1 of 1

Background

Local

Spaza shop owners urged to become tax compliant 

As the deadline looms for spaza shops to register their stores, as announced by President Cyril Ramaphosa, shop owners are urged to take the necessary steps to legalize their stores to avoid being shut down. Speaking on VOC Breakfast on Tuesday morning, Nwabisa Bidla Ops Manager for Taxbase broadening and education said a spaza shop is like any other business and must register of tax. “Only businesses that are registered […]

today3 December 2024

Local

Financial experts warn against early withdrawal of retirement funds

By Lee-Yandra Paulsen Following President Cyril Ramaphosa's signing of the Pension Fund Amendment Bill into law, financial experts are urging citizens to avoid prematurely withdrawing their retirement funds. As economic pressures rise, the temptation to access these savings grows. Speaking to VOC Breakfast on Tuesday, Commsure Financial Solutions' Retirement Specialist, Patrick Odendal explained the two-pot system: “There is a lot of misunderstanding about the two-pot system. Essentially, from 1st September […]

today23 July 2024

Local

Pensioners express concern about high tax deduction

LOCAL Some former government employees who have received their pension funds have expressed concern about the large deductions made from their pension. They claim that their income tax has increased dramatically since October of this year. And this has a negative impact on them because the pension money is their only source of income. The retired school principal, Malatswa Molepo worked for thirty years and the Government Employees Pension Fund […]

today30 November 2022

Local

Employees must pay up to 12% into a government social security fund: Zulu

LOCAL All employers and employees will be obliged to pay into a government-run national social security fund, according to proposals in a green paper published by social development minister Lindiwe Zulu. The contributions will be between 8% and 12% of earnings, up to the current Unemployment Insurance Fund (UIF) ceiling of R276,000 a year. The proposed fund is based on “social security principles of risk pooling and social solidarity”, said Zulu. […]

today19 August 2021

Local

SARS encourages tax payers to use e-filling system

The South African Revenue Service is encouraging tax payers to make use of e-filing to submit their tax returns to reduce traffic at SARS branches. SARS acting commissioner Mark Kingon says they will be promoting e-filling and want people to make use of SARS digital platforms for the filling of income tax. People with an annual salary income of less than R350 000 from a single source with no travel […]

today2 July 2018

Local

Sars clarifies its stance on bitcoin

Taxpayers have to declare cryptocurrency gains or losses as part of their taxable income. The South African Revenue Service (Sars) will continue to apply “normal income tax rules” to cryptocurrencies such as bitcoin and has urged taxpayers to declare cryptocurrency gains or losses as part of their taxable income. The growing popularity of cryptocurrencies such as bitcoin and ethereum and the rollercoaster ride some of these have experienced over the past […]

today7 April 2018

News

Tax hike announcement expected in Budget: Analyst

South Africans will be keenly watching Finance Minister Pravin Gordhan deliver the National Budget Speech for 2017 on Wednesday, which will provide clarity on the state of the country’s economy. Following the State of the Nation Address, South Africa has been abuzz with questions about what to expect after a year of an unsteady rand, many voicing concern about fears of tax increases. Considering the sense of uncertainty surrounding the […]

today22 February 2017

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