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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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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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Unlocking the value of audit

The financial statement audit has long delivered compliance and confidence, and it will continue to do so. But in today’s business environment this may not be enough. Advances in technology and an explosion of data have changed the game. Organizations and investors now have access to a breadth and depth of information that would have […]

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Real Estate Investment Trusts – REIT

In order for a company to qualify as a Real Estate Investment Trust (REIT), and to be eligible to apply the REIT tax provisions, it must be a tax resident in South Africa and its shares must be listed as shares in a REIT in terms of the JSE Limited listing requirements. Points to consider […]

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What is Minister Gordhan going to say during the 2014 Budget Speech?

The 2014 Budget Speech will be presented by Minister Pravin Gordhan on 26 February 2014. The contents of the speech, together with the State of the Nation Speech delivered by President Jacob Zuma on 13 February 2014, are considered critical in the run up to the general election on 7 May 2014. So the big […]

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Initiatives to curb corporate tax evasion

Multi-national tax avoidance a global problem Tax evasion or avoidance is as hot a topic as ever, and top of the list is large multi-national corporations. Companies and other legal structures that are anonymously owned and controlled are a key mechanism of tax avoidance which can seriously undermine many countries’ development efforts. One of the […]

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