Dale Cridlan

Public Benefit Organisations that issue receipts are now required to report to SARS

By Dale Cridlan and Liesl Williams on July 24, 2023 Posted in Tax

From 1 March 2024, Public Benefit Organisations will be required to report to SARS on any amount donated to the PBO in respect of which it issued a section 18A receipt, as well as all information required to appear on the section 18A certificate (the requirements of which were updated – see Section 18A tax … Continue reading

South Africa’s National Budget Speech 2023: Navigating an uneven economic recovery

By Dale Cridlan on February 22, 2023 Posted in General

The Minister of Finance, Mr Enoch Godongwana presented his National Budget Speech to the Members of the National Assembly this afternoon. The National Budget Review notes that South Africa is prioritising stable and clear policies so as to promote economic growth in the midst of an uncertain economic outlook. GDP is expected to grow by … Continue reading

Doing good doesn’t always entitle an NPO to tax benefits

By Liesl Williams and Dale Cridlan on February 17, 2023 Posted in General

Tax exempt status may be awarded to a non-profit organisation (NPO) that solely or primarily undertakes public benefit activities with a philanthropic or altruistic intent. An NPO that has been granted tax exempt status (commonly referred to as a public benefit organisation or PBO) is generally exempt from income tax. Certain approved PBOs may also … Continue reading

National Treasury again commits to the ‘modernised system’ of exchange control regulation in 2022 Budget Speech

By Dale Cridlan on March 8, 2022 Posted in Finance

This blog was co-authored by: Kristin January, Candidate Attorney On Wednesday 23 February 2022, the Minister of Finance presented his inaugural Budget Speech. The National Treasury confirmed its commitment to transformation of exchange control regulations with several new proposals: Individuals are permitted to export dual listed domestic securities to a foreign recognised exchange, subject to … Continue reading

Supplementary budget 2020

By Belinda Sussman and Dale Cridlan on June 29, 2020 Posted in General

South Africa’s Finance Minister Tito Mboweni delivered a supplementary budget on Wednesday 24 June 2020, highlighting that business confidence will remain near historic lows, with investment and employment remaining constrained. This emergency budget comes only four months after the National Budget which has been left defunct in the wake of COVID-19 and a three-month lockdown … Continue reading

What tax relief measures are available as a consequence of COVID-19?

By Dale Cridlan on April 6, 2020 Posted in General

Exceptional tax measures have been announced as part of the fiscal package that was presented by the President in his speech on the Escalation of Measures to Combat COVID-19. The tax measures result from the realisation that there is a critical need for government interventions to assist with job retention and assist businesses experiencing significant … Continue reading

How to establish a business enterprise in South Africa: Ten things to know

By Stephen Kennedy-Good, Dale Cridlan, Mpho Duiker and Ally Chalwin-Milton on March 27, 2020 Posted in General

01 I Methods of incorporation A business presence can be established in South Africa, one can either incorporate a South African entity or incorporate a foreign offshore entity, as a so called ‘branch’ or ‘external company’. 02 I Applicable legislation Both forms of business enterprise are regulated by the Companies Act 2008. However, in the … Continue reading

Valuation of stock at year end: time-based write-down not enough

By Siyabonga Mathe and Dale Cridlan on November 22, 2019 Posted in General

The Income Tax Act 1962 requires opening and closing trading stock to be taken into account in determining taxable income derived from carrying on any trade in any assessment year. Section 22(1)(a) of the Act deals with the valuation of the stock, and provides that in respect of a taxpayer’s trading stock that is held … Continue reading

South Africa 2019 Medium-Term Budget Policy Statement

By Dale Cridlan on November 13, 2019 Posted in General

The 2019 Medium-Term Budget Policy Statement (MTBPS) was recently delivered by Finance Minister Tito Mboweni and recognises that South Africa’s economic growth has been slowing alongside productivity and competitiveness. South Africa’s debt-to-GDP ratio is among the highest of its peer countries, with only Argentina, Croatia, Ukraine and Zambia worse off. It is projected that the … Continue reading

Foreign e-commerce suppliers must register as VAT vendors by 1 June 2014

By Dale Cridlan and Nerushka Bowan on May 29, 2014 Posted in General

The e-commerce VAT regulations have shifted the onus of collecting and paying VAT from the South African purchaser to the foreign supplier. The “new” e-commerce VAT regulations are in fact not a new form of VAT. VAT was always due to the South Africa Revenue Service (SARS) on purchase of e-commerce goods or services from … Continue reading