In June 2019, Slack co-founder and CEO Stewart Butterfield declared that business email would be dead and buried within seven years. Now, six years later, email remains as strong as ever – despite the weaknesses Butterfield saw still being there.
Starting a new business isn’t just a challenging undertaking. It also comes with a list of tax liabilities and administrative obligations. Not to mention an impact on the business owner’s personal tax affairs.
In a world where market conditions and consumer preferences are constantly shifting, many business advisors tell leaders to be agile and adaptable if they want their businesses to succeed. While this can be effective, it’s even better for your business to already be positioned to take advantage of any changes that may occur.
An effective year-end business review can be a powerful tool for any firm. It identifies effective business processes and highlights areas for improvement, making it easier to formulate a solid plan for the upcoming year.
If you live in one country and work in another, you may already be aware of the threat of double taxation. Your country of residence may want to claim tax for the services it provides, while the country you work in may want their income taxes too. It’s a tricky scenario that changes depending on the specific circumstances.
Revenue targets are an essential business tool. They allow leaders, teams, and investors to track the performance and growth of a business across any given period of time. And they open up the possibility of forecasting, planning operations, and rewarding employees.
The International Monetary Fund (IMF) recently concluded its 2024 Article IV annual consultation with South Africa, highlighting a cautiously optimistic economic outlook. The IMF team, which visited from November 11-25, engaged with various stakeholders to discuss policies aimed at ensuring macroeconomic stability and fostering sustainable growth.
Obtaining a tax directive from the South African Revenue Service (SARS) is a crucial step for employers, fund administrators, and insurers to ensure the correct deduction of employees' tax from lump sum payments. This process is essential for managing tax liabilities on retirement funds, severance packages, and other lump sum benefits.
Africa, a vast continent covering 30.2 million square kilometres, is home to approximately 1.5 billion people, representing about 18.6% of the world's population. With its diverse climates ranging from hot deserts to tropical rainforests and frozen glaciers, Africa is a land of immense natural beauty and resources. The continent is rich in oil, gold, platinum, and diamonds, many of which remain untapped due to infrastructure and financing challenges.
The 29th Conference of the Parties (COP29) to the UN Framework Convention on Climate Change (UNFCCC) recently concluded in Baku, Azerbaijan, and it has been a pivotal event in the global climate agenda. Here are the key outcomes and implications of COP29:
Finance Minister Enoch Godongwana's recent MTBPS has significant implications for South African taxpayers across all income brackets. Delivered on October 30, 2024, the speech outlined the government's fiscal strategy amidst economic challenges, including lower-than-expected tax revenues and rising debt levels.
There have been significant shifts in the corporate income tax landscape of late – not only in South Africa, but across the globe. The global minimum tax is a pertinent example. And although its immediate impact is on large multinationals, the changes could well benefit local businesses in the long term.
Anyone who’s attended a conference or expo has been given a promotional gift. Usually, it’s a water bottle, a pen or, worse still, a branded lanyard. It’s got so bad that very few of us understand why they even exist, including the marketing teams themselves.
With the end of the year around the corner, many businesses will be thinking of conducting their annual performance reviews. These discussions are essential for streamlining business operations and strengthening the bonds between team leaders and employees. But all too often they’re viewed as nothing more than a necessary evil by all involved.
Small and medium-sized enterprises (SMEs) are increasingly turning to Artificial Intelligence (AI) to revolutionize their accounting processes, improving efficiency, accuracy, and financial insights.AI-powered accounting software can automate tasks such as:
The 2024 Medium-Term Budget Policy Statement (MTBPS) in South Africa, presented by Finance Minister Enoch Godongwana on October 30, 2024, outlined the government's strategic response to economic challenges and fiscal constraints amid declining tax revenues. This year’s MTBPS comes at a time when the National Treasury faces a significant revenue shortfall of around R22.3 billion for 2024/25, attributed to lower-than-expected collections across various tax categories, including income tax and fuel levies. Factors like reduced energy-related imports and weaker private sector employment have contributed to this shortfall, while domestic VAT has performed slightly better due to increased corporate earnings in certain sectors.
The South African Revenue Service (SARS) has introduced biometric facial recognition as a new security measure for its eFiling system, aiming to protect taxpayer information from identity fraud and profile hijacking. This innovative step is part of SARS's ongoing efforts to enhance the security and efficiency of its electronic services.
“Africa is on its way to becoming a preferred investment destination, a potential pole of global growth, and a place of immense innovation and creativity. But there is also a long way to go — and Africa’s governments must as a matter of urgency turn their attention to those who are being left behind. I believe Africa and its leaders can rise to this challenge. If they do, Africa will become more prosperous, stable and equitable.”
The 2024 trust tax season is well underway, with the South African Revenue Service (SARS) setting the filing period for trusts between 16 September 2024 and 20 January 2025. This year has brought some significant changes that trustees and business owners need to be aware of. These changes not only require thorough documentation but also increased transparency and detail on the activities and financial position of trusts. It is essential for trustees to ensure compliance, as SARS has intensified scrutiny on trust operations and beneficial ownership.
Yes, yet another EMP501 reconciliation is due! That’s because not one, but two recons are due in each tax year. By 31 October, the interim EMP501 reconciliation for the last six months must be submitted, accurately and on time.
Marketing is a tricky game with ever-changing rules. When your marketing doesn’t seem to be working and you aren’t getting the results you want, it might be time to go back to the drawing board.
SARS eFiling profile hijackings are becoming an increasingly concerning and common hazard. Reports of this type of cybercrime have peaked in recent months and both individuals and businesses must take proactive steps to prevent an attack.
Times are tough, so it’s only natural to look for ways to scale back and save money.
