News & Views

Investing in African Mining Indaba 2019

Moore Stephens is once again pleased to be attending the Investing in African Mining Indaba 2019. If you have any questions, or would like to find out more information, please contact:
Olivier Barbeau: South Africa Sector Leader – Johannesburg
David Tomasi: Global Sector Leader - Australia
Jeff Blackbeard: Strategy Advisor – Africa
Margie Alt: Director – Africa
Leonard Roberts: Managing Director – East Rand

Penalties for Non-Submission of Corporate Income Tax Returns

As you may be aware, SARS currently imposes administrative penalties only in respect of the non-submission of individual income tax returns. As from 7 December 2018, administrative penalties for late Corporate Income Tax (CIT) returns will be imposed. These penalties will be raised in terms of section 210 of the Tax Administration Act and the required gazette will be issued in terms of section 210(2) of that Act.

Regulatory Update

SARS has had a busy month, issuing news of a shorter 2018 tax season, an update on Customs requirements and a reminder about changes to Value-Added-Tax.

Prospects for Property Investment in South Africa

Positive political change is good news for property in South Africa. But this has been tempered with debates over land expropriation and some jitters about the economy. We asked our Moore Stephens property team for their views on property trends and opportunities in South Africa.

Completing your VAT return for March and April where the VAT rate was amended from 14% to 15%

For supplies made on or before 31 March and subject to VAT at 14%, the VAT amount should be calculated manually and included in Field 12 in the VAT201 return which is marked as ‘other’.
Supplies made on or after 1 April are subject to VAT at 15%, the the VAT201 return will automatically calculate the VAT on consideration. The consideration must be encountered for in Field 1 of the VAT return and the 15% VAT automatically calculated in Field 4.

Regulatory update: Davies Tax Committee provides more questions than answers

The recommendations made in the final Davies Tax Committee Reports have clarified some questions relating to the general policy direction most likely to be followed by Treasury, but until these recommendations become law, they create more questions than answers and introduce unneeded uncertainty into the financial regulatory space. In other regulatory news, our team share updates on NOCLAR declarations and increases in estate duty.

Get the most out of your home office

It is well-known that sole proprietors who work from home are able to claim back certain expenses related to a home office, but individuals who are formally employed – and even those who don’t have a contract - can also claim back home office expenses, provided they can prove that these expenses were bona fide for the “more efficient performance of their duties”.

Managing risk and building resilience in an unpredictable world

Resilience may be the new corporate buzzword, but even small and medium-sized businesses can put systems in place that help them to bounce back faster from setbacks. In a world where uncertainty is the new normal and disruption is a constant threat, the best way to manage risk is to build resilience into your business – and it’s much easier than you think.

Agriculture in Africa Is Set to Become More Prominent

Agriculture in Africa is set to become more prominent, helped by a growing population and the recent signing of the African Continental Free Trade Area agreement. In the second of our two-part series on agriculture, Kim Cloete speaks to Fanus Truter, a Moore Stephens director in the Southern Cape, about prospects for farmers, boosting exports and shifting gear to keep up with new technology.
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