Interesting Statistics about South Africa
Graph 1 indicates Mid-year population estimates for South Africa by population group 2024
Graph 1 indicates Mid-year population estimates for South Africa by population group 2024
CIPC requires that a mandatory Compliance Checklist be completed and submitted by all categories of companies whose annual financial statements are audited or independently reviewed. This requirement does not apply to a close corporation. The checklist is required to be submitted within 30 business days after the anniversary of the company’s date of incorporation. The period for which the company declares its compliance is to be known as its “Compliance Year”, and is aligned to the anniversary date of its incorporation.
The South African Revenue Service (SARS) has announced key updates for the 2024 tax filing season, which commenced on July 1, 2024. This year, SARS will continue issuing auto-assessments for taxpayers with simpler tax affairs. Taxpayers are advised to check their auto-assessment status via eFiling or the SARS MobiApp, following an SMS or email notification.
Starting from 1 September 2024, individuals planning to withdraw from the savings pot of the Two-Pot Retirement System must be registered for tax. Unregistered individuals must complete their registration before applying to their relevant fund, as unregistered requests will be rejected by SARS.
SARS has introduced a comprehensive draft guide outlining tax incentives to boost renewable energy generation. Taxpayers can benefit from accelerated deductions, enhanced deductions for new assets, and deductions for expenses related to infrastructure construction. These incentives aim to encourage investment in renewable energy projects, support sustainable practices, and drive economic growth in the renewable energy sector.
In a recent development, the South African Revenue Service (SARS) has issued a Binding General Ruling (Income Tax) 73 on the 30th of July 2024, shedding light on the meaning of taxable income for the purpose of setting off the balance of an assessed loss by companies. This ruling aims to provide clear guidance on the limitation of set-off for companies under section 20(1)(a)(i) as amended by the Taxation Laws Amendment Act 20 of 2021.
In a recent consolidated media briefing, the Department of Trade, Industry, and Competition (dtic) highlighted significant outcomes from the 21st African Growth and Opportunity Act (AGOA) Forum in Washington, DC, and the 14th BRICS+ Trade Ministers Meeting in Moscow, Russia. The South African delegation engaged with key stakeholders to bolster trade and investment ties, focusing on economic growth and job creation.
National Treasury expressed its satisfaction as the President signed the Pension Funds Amendment Act (31 of 2024) into law, marking the final step in implementing the two-pot system set to begin on 1 September 2024. This act introduces crucial changes to various pension-related laws, including the Pension Funds Act of 1956 and the Government Employees Pension Law of 1996, essential for retirement funds, including public sector funds, to adopt the two-pot reform.
President Cyril Ramaphosa has recently announced the formation of a Government of National Unity (GNU) in South Africa. This decision was made in response to the clear desire of South Africa’s people for political parties to cooperate for the nation’s future. The GNU is a coalition of 11 parties that have committed to collaborating together.
The South African Revenue Service (SARS) has recently made an important announcement regarding the upcoming Filing Season. In line with their commitment to making the process easier and more convenient for taxpayers, SARS will be implementing auto-assessment for a larger pool of taxpayers this year. Additionally, they have introduced various digital platforms to facilitate seamless interactions with taxpayers. Here is an overview of the announcement and highlights the key points for taxpayers to take note of.
Operation Vulindlela (OV) has emerged as a crucial initiative in South Africa, aimed at accelerating the implementation of structural reforms to foster economic growth. Recently, a successful two-day conference was held to assess the progress made by OV and chart the way forward for the next five years. This article will delve into the key highlights of Operation Vulindlela and explore the support it has garnered, including that of the Democratic Alliance (DA).
Key Points:
Over the past years business process automation, or BPA, has become more accessible to each and every business, regardless of their size or capacity. Thanks so numerous plug-and-play software and applications that are readily available online, you do not even need a whole tech team to implement and maintain automation within your business,
StatsSA has released gross domestic product (GDP) data for the first quarter of 2024, showing South Africa’s GDP has decreased by 0,1%.
The Monetary Policy Committee (MPC) released a statement on 30th May 2024. This article highlights the key findings.
In April 2024, an automated process for Trust taxpayers was introduced on eFiling to electronically submit documentation to lodge a dispute via a fully guided process.
Artificial Intelligence (AI) is revolutionizing the way businesses operate, making it an essential component of a modern business strategy. Here’s how you can incorporate AI into your business strategy:
South Africa, known for its diverse economy and entrepreneurial spirit, offers a wealth of opportunities for businesses. Here are some key steps to achieving business success in this vibrant country.
In April Treasury held a ZOOM conference around the proposed two pot retirement system. We have summarised some of the key issues raised.
STATS SA has released a report on monthly earnings which makes for interesting reading. Below is a summary of the highlights.
The upcoming South African elections hold the promise of change, introducing a range of potential impacts on local businesses. As business leaders, we must pay attention to several factors that could significantly affect the business environment:
The Tax Chronology of South Africa: 1979–2024 provides a comprehensive overview of the current and historical rates for various taxes, duties, and levies collected by the South African Revenue Service (SARS). This publication covers the period from 1979 to 2024 and includes details on tax rates, duties, and levies.
Strategic planning is not just a buzzword; it’s a critical process that can significantly impact the success and longevity of your business. Whether you’re a startup or an established company, having a well-defined strategic plan is essential. Let’s delve into why strategic planning matters and how it can benefit your organization.
As an employer, it’s essential to stay informed about your tax obligations. The Employer Annual Declaration period is a crucial time when you need to submit accurate information to the South African Revenue Service (SARS). Let’s dive into the details: