MGT Accounting

Tax

Provisional Tax: Are You Ready for the Crucial 29 February Deadline?

“Provisional tax is merely a mechanism to pay the normal income tax liability during the tax year… an advance payment of a taxpayer’s normal tax liability.” (SARS) To provisional taxpayers, especially those who are liable for provisional tax in both their personal capacities and as business owners, it may well seem that there are endless provisional tax deadlines and payments to be made every year. There are indeed numerous income tax provisional and final declarations …

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Debt Collection And Tax Season Concept With Deadline Calendar R

Your Tax Deadlines for February 2024

07 February – Monthly Pay-As-You-Earn (PAYE) submissions and payments 23 February – Value-Added Tax (VAT) manual submissions and payments 28 February – Excise Duty payments 29 February – CIT Provisional Tax payments 29 February – PIT Provisional Tax payments 29 February – Value-Added Tax (VAT) electronic submissions and payments Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for …

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How to Survive Ongoing High Interest Rates in 2024

“Inflation is bringing us true democracy. For the first time in history, luxuries and necessities are selling at the same price.” (Robert Orben, comedian and writer) Interest rates and inflation are a nasty partnership that can, if managed badly, derail any small to medium enterprise. Their effects are felt in every area of the business and if they are not addressed correctly, high interest rates can have a significant impact on business, driving up costs, …

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How to Achieve Tax Compliance Throughout 2024

“SARS is willing and ready to assist taxpayers who want to be compliant. Where taxpayers willfully and intentionally ignore their legal obligations, SARS will act sternly.” (SARS Commissioner Edward Kieswetter) Businesses are often required to share their tax compliance status, for example for a tender application, bidding process or prequalification as a supplier; to confirm that their tax affairs are in order with SARS; to receive payment; or for foreign investment allowances. This is because proof …

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Your Tax Deadlines for January 2024

05 January – Monthly Pay-As-You-Earn (PAYE) submissions and payments 24 January – End of Filing Season for Provisional taxpayers 24 January – End of Trusts Filing Season for taxpayers liable for provisional tax 30 January – Excise Duty payments 31 January – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for …

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