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.
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.
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.
Since the implementation of the Two-Pot Retirement System on 1 September 2024, SARS has taken note of the challenges the industry is experiencing. To this end, various enhancements have been incorporated into the SARS interface. These enhancements and changes inter alia include:
In South Africa, the role of trustees in managing trusts is pivotal to ensuring the proper administration and safeguarding of trust assets. Trustees are appointed to act in a fiduciary capacity, holding and managing assets for the benefit of the trust's beneficiaries. Their responsibilities are governed by the Trust Property Control Act and the trust deed, which outlines the framework within which they must operate.
Berlin, October 2023 — Small and medium-sized enterprises (SMEs) are increasingly turning to artificial intelligence (AI) to enhance their operations, improve customer experiences, and stay competitive in a rapidly evolving market. A recent study published in the Journal of Business Management highlights the key AI applications being adopted by SMEs and the challenges they face in implementation. The findings reveal that while only 28% of SMEs have integrated AI solutions, those that have are seeing significant benefits.
Starting from 1 September 2024, individuals planning to withdraw from the savings pot of the Two-Pot Retirement System must be registered for tax. Unregistered individuals must complete their registration before applying to their relevant fund, as unregistered requests will be rejected by SARS.
Artificial Intelligence (AI) is revolutionizing the way businesses operate, making it an essential component of a modern business strategy. Here’s how you can incorporate AI into your business strategy:
South Africa, known for its diverse economy and entrepreneurial spirit, offers a wealth of opportunities for businesses. Here are some key steps to achieving business success in this vibrant country.
In April Treasury held a ZOOM conference around the proposed two pot retirement system. We have summarised some of the key issues raised.
Strategic planning is not just a buzzword; it’s a critical process that can significantly impact the success and longevity of your business. Whether you’re a startup or an established company, having a well-defined strategic plan is essential. Let’s delve into why strategic planning matters and how it can benefit your organization.
The South African Revenue Service (SARS) has embarked on a digital transformation journey to modernise and enhance its tax administration capabilities. The aim is to improve service delivery, compliance, efficiency and effectiveness, as well as to combat tax evasion and fraud. Some of the key initiatives that SARS has implemented or is planning to implement include:
In terms of the Companies Act, the business and affairs of a company must be managed by or under the direction of its board, which has the authority to exercise all of the powers and perform any of the functions of the company.
A living will is not the same as a last will and testament. A living will is a document that lets you express your preferences for medical care in case you become unable to communicate them yourself. A living will can help you avoid unwanted or unnecessary interventions, such as life support, resuscitation, or tube feeding, that may prolong your suffering or go against your values. A living will can also help your family and doctors make difficult decisions on your behalf, and reduce the potential for conflicts or disputes. A living will should be prepared separately from your last will and testament. Your last will and testament only takes effect after your death, while your living will takes effect while you are still alive but incapacitated.
SARS has increased the reporting requirements for trustees of resident trusts. As from the 1 September 2023, trustees, as representative taxpayers for a trust, are required to submit an IT3(t) form to SARS electronically – relating to the trust for which he or she acts as trustee. The IT3(t) will be due on the 30th September of each year in which the trust’s tax year ends. Trustees will be required to supply information about all distributions made from the trust to beneficiaries or other persons (in respect of any amount vested in a beneficiary including income (net of expenditure), capital gains and capital amounts distributed by 30 September during the preceding tax year of assessment, which ended at the end of February of the same year. In addition to the information about distributions, demographic information about the trust and beneficiaries will also be required to be submitted.
Knowledge of and compliance with both the common law and legislation is essential for good governance. Not only do directors need to make sure that they are maintaining the highest standard in respect of their duties, but they must also ensure that they are complying with the administrative provisions of other legislation, such as the Income Tax Act. In addition, it is important that directors have a working knowledge of the guidance provided in King IV ™.
The Ministry of Finance has published the draft legislation for the "two pot" retirement system for comment. The draft legislation aims to implement the reform of the pension system that was agreed upon by the government and social partners in 2020. The "two pot" system consists of a mandatory basic pension that covers the minimum subsistence level, and a voluntary supplementary pension that allows individuals to save more for their retirement. The draft legislation also introduces incentives for longer working lives, such as a gradual increase in the retirement age and a bonus for working beyond the statutory retirement age. The Ministry of Finance invites all interested parties to submit their comments and suggestions on the draft legislation by August 31, 2023.
One of the duties of trustees is to maintain accurate and up-to-date records of the beneficial owners of the trusts they administer. Beneficial owners are those who have a direct or indirect interest in the trust property or who exercise control over the trust. The information that must be kept by trustees in relation to beneficial owners includes:
Taxpayers who have a dispute with the South African Revenue Service (SARS) can now benefit from new rules that aim to simplify and expedite the resolution process. The new rules, which came into effect on 1 July 2023, replace the previous dispute resolution rules that were in place since 2003.
The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act (no. 22 of 2022) came into force on 1 April 2023, and amends the Trust Property Control Act [as well as the Nonprofit Organisations Act (no.71 of 1997), the Financial Intelligence Centre Act (no.38 of 2001), and the Companies Act (no.71 of 2008)]. It is hereinafter referred to as “the Amendment Act”.
When you apply for a Tax Compliance Status (TCS) in respect of foreign investment allowance for individuals, you are required to submit the following supporting documents:
