Breaking news! The Director General of Employment and Labour, has announced a welcome extension of the COIDA ROE submission season. That’s right, you now have a little longer to get your submissions in, with the deadline moved from 31 May to 30 June 2023. Government Gazette No. 48673 was published on 30 May 2023 and
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The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) has increased the repurchase (repo) rate by 50 basis points. The announcement was made on Thursday, 25 May 2023. The repo rate has been raised to 8.25% per year, effective from 26 May 2023. This means that the rate at which the SARB
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The South African Revenue Service (SARS) has recently announced the implementation of a new stringent VAT registration process, aiming to address a concerning trend of suspicious registrations by VAT vendors. In a media statement released last week, SARS highlighted a significant spike in registrations during April, prompting an urgent review of their registration process. While
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On Thursday, 30 March 2023 the South African Reserve Bank (SARB) announced a surprise 50 basis point increase to the repo rate, taking it to 7.75% and pushing the prime lending rate of commercial banks to 11.25%. Some predicted that the interest rate would be increased by only 0.25% while others expected it to remain
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The South African Revenue Service (SARS) has announced the launch of a new USSD service. This exciting new service will allow taxpayers to easily manage their tax matters from their “older model” mobile phone. With this addition, SARS provides an additional channel for taxpayers to access their services and stay on top of their tax
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Please note that the South African Revenue Service (SARS) has issued a communication informing stakeholders about the rescheduled upgrade of the SARS eFiling backend systems. Originally the first of a planned series of upgrades were scheduled to take place on Friday, 10 February 2023, but it was cancelled. SARS issued a new communication earlier this
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Please Note: This is an updated version of the original article from 23 February 2023 which now includes some items that were published after the Budget Speech. On 22 February 2023, South African Finance Minister Enoch Godongwana delivered the annual National Budget Speech. The speech addressed several important issues affecting the country’s economy, including its
Read more The South African Revenue Service (SARS) on Monday, 13 February 2023, issued an update regarding the previous communication to notify all stakeholders of the technical infrastructure changes and upgrades planned for the SARS eFiling platform during February and March 2023. The first of a planned series of upgrades was originally scheduled to take place on
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Enjoy an additional day of leisure and celebration this December! President Cyril Ramaphosa has declared the 27th of December 2022 a Public Holiday, in lieu of Christmas Day falling on a Sunday. Remember that Section 2(1) of the Public Holidays Act contains the following stipulation: “whenever a public holiday falls on a Sunday, the following
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On Thursday, 24 November 2022, the South African Reserve Bank increased interest rates by a further 75 basis points, just two months after the last interest rate increase on 22 September 2022. The latest increase resulted in rates climbing to the highest level since 2016! This increase in basis points brings the repo rate to
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We trust you’ve had a smooth and successful tax return submission. The tax filing season for individuals or non-provisional taxpayers came to an end on Monday, 24 October 2022. SARS released a notice earlier this week detailing Administrative Penalties for the Late Submission of Tax Returns. Up to now, taxpayers were only liable for administrative
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On the 19th of October, we shared an article to inform our readers about the announcement made by the Unemployment Insurance Fund (UIF) earlier this month, that effective 1 October 2022 all Gauteng Labour Centers will no longer accept manual UI-19 forms. Subsequently, the UIF has withdrawn the communication regarding the discontinuance of accepting manual
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