Clear choice: KPMG’s Financial Services

KPMG Financial Services comprises of 528 professionals (408 Johannesburg and 120 Cape Town) ready to assist you in audit and advisory services. The financial sector plays a vital role in supporting the economy and while the global crisis is over, the results of the crisis still linger as financial stability is not yet secured both […]

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Budget 2015: VAT untouched

  Taxpayers were warned as far back as October 2014 that Budget 2015 would not be a happy one for them. Finance Minister, Nhlanhla Nene made it abundantly clear that more tax revenue was needed in the 2015/2016 year to cover the country’s budget deficit or “gap” between expenditure and revenue. The only question was […]

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BUDGET 2015: Why Tax Management?

Businesses have not always given tax management the attention it deserves. Therefore the question is often asked “why the need for tax management?” There have been a number of business changes and trends that resulted in tax management becoming increasingly important. KPMG’s Joubert Botha explains: “These factors and trends resulted in tax management not just […]

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BUDGET 2015: Tax and the Wealth Gap

There is some trepidation regarding South Africa’s upcoming 2015 budget. KPMG’s Johan Van Der Walt states: “Mind the gap is maybe the most appropriate way to describe what has been happening in the local tax space.” The looming fiscal situation is compounded by: Numerous parastatals seeking recapitalisation; Rolling load-shedding depress the growth rate; Resulting in […]

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Budget 2015: Is raising VAT the answer to our financial crises?

The Minister of Finance will be faced with a tricky situation tomorrow when he announces his Budget for the next year. In particular we know that in the October budget he had already said that there is about 30 Billion in Revenue needed in addition to the Tax Revenue that is already been collected to […]

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Tax Budget 2015: Prescription will be in the limelight

Prescription will indeed be in the limelight this year. Traditionally, taxpayers felt safe in the knowledge that, provided they had made full disclosure, a tax matter was closed 3 years after an assessment. This was also the view taken by SARS and, generally, SARS did not seek to reopen years that had prescribed. With the introduction […]

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Information Produced by the Entity (IPE)

Information Produced by Entity (IPE), why does it matter to auditors? Auditors tend to place significant reliance on IPE as part of the audit evidence. IPE exists in various forms, such as system generated reports, data downloads and worksheets manually prepared by clients. The world is evolving and technology continues to claim its position, processes […]

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Budget 2015: How to make the books balance – VAT

In his Medium Term Budget Policy Statement, Finance Minister Nhlanhla Nene gave little away as to how he will approach the 2015 budget, other than to make it clear that further borrowing is not an option, in fact government borrowing must be reduced, and that additional revenue of ‘about R15bn a year will need to […]

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