TAX UPDATES

Renewable tax breaks for businesses – Summarized From 1 March 2023, business will be able to reduce their taxable income by 125% of the cost of an investment in renewables. The adjustment incentive will only be available for investments brought into use for the first...

THE CONSEQUENCES OF SOUTH AFRICA’S GREYLISTING

As anticipated, the Financial Action Task Force (FATF) has added South Africa to the list of jurisdictions under increased monitoring, the greylist, with immediate effect, following its annual meeting which concluded on 24 February 2023. Now that South Africa has been...

INCOME TAX AMENDMENTS 2023/2024

Last week, Minister of Finance Enoch Godongwana, delivered the second Budget speech of his term, setting out the government’s tax and spending plans for the year ahead. Two tax measures were announced to encourage businesses and individuals to invest in renewable...

THE RAINBOW PROMISE 3 – ‘WHAT RAINBOW?”

Where did the rainbow go? The average South-African household is under immense pressure.  No doubt you have read the headlines, and this may have created a bead of sweat on your forehead. Let’s take the chicken and not the egg: Our local grocer has had to increase...

SOUTH AFRICA SHOULD BUCKLE UP FOR A TOUGH 2023

Most South Africans agree that last year was a tough one financially – and the bad news is that it’s not going to get any better soon, according to Efficient Group chief economist Dawie Roodt. The slow growth, high unemployment rate and rising levels of poverty are...