“The incorrect classification of a company may affect a range of provisions such as audit requirements, audit committee requirements, number of directors required” In terms of the new Companies Act, your private company may be a public company. In order for companies to ensure compliance with all relevant provisions of the Companies Act, it is…
Clarifying how and when VAT becomes applicable to a new VAT vendor. SAICA members often request guidance relating to the Value-Added Tax (VAT) consequences once a person has been registered by SARS as a vendor. This guidance required is not related to the fact that the person now will have to levy the tax and…
Anti-avoidance versus trade stimulation. Is government biting the hand that feeds? Has the hand that feeds been cut off…? It would seem so when reading the headlines on current tax news and amendments. Tax policy has an opportunity to be instrumental in supporting economic and fiscal objectives that South Africa needs to achieve. However, the…
South Africa’s innovative carbon tax structure wins global favour. A lot has been said about the introduction of a carbon tax to the South African economy. It is difficult to maintain a clear head amidst all the noise, so one needs to go back to the fundamentals from time to time. This article takes a…
A functional, ethical and skilled South African public sector is vital for positive and lasting change. The Tax Administration Act, No 28 of 2011 (the TAA) took effect on 1 October 2012, and seeks to enhance the rights that taxpayers have in their dealings with the South African Revenue Service (SARS). Previously, for example, a…
eXtensible Business Reporting Language (“XBRL”) is changing the way in which the business world communicates financial information. By updating the way business and financial data is transferred and reported globally, XBRL is revolutionary in this process. XBRL is being developed by an international non-profit consortium of approximately 500 major companies, organisations and government agencies around…