B-Verified Notice: Implications of IRBA withdrawal

In 2016 IRBA withdrew from the regulation of the B-BBEE verification industry. Currently B-Verified is in the application process with SANAS for our new B-BBEE Accreditation. We can still assist clients with the verification process; however the B-BBEE Certificate will be signed and issued by an accredited SANAS verification agency until our accreditation has been […]

Remember to ask for interest

On 21 October 2016 judgment was handed down by the High Court (Gauteng Division, Pretoria) in the matter of BMW South Africa (Pty) Ltd v The Commissioner of the South African Revenue Service (as yet unreported). Briefly, the applicant (Applicant) was a vendor for purposes of Value-added Tax (VAT). The respondent, being the South African […]

SPECIAL VOLUNTARY DISCLOSURE PROGRAMME (SVDP)

Subject to legislative approval, a Special Voluntary Disclosure Programme (SVDP) commenced on 1 October 2016, and is scheduled for a period of nine months ending on 30 June 2017.  The SVDP is meant for individuals and companies who have not in the past disclosed tax and exchange control defaults in relation to offshore assets.  It aims to encourage […]

Recruitment: Accountant / SAIPA Training Opportunity

C2M Chartered Accountants Inc., a medium-sized Audit and Accounting practice in Tygervalley, Cape Town, offers a secure opportunity for an accountant with relevant experience to join our team. The successful candidate will gain exposure to multiple clients covering a wide range of sectors and industries. Responsibilities Manage a portfolio of clients Prepare monthly management accounts […]

Update: B-BBEE Certificates for EME’s and QSE’s

The B-BBEE Commission has recently issued a practice guide 02 of 2016 which addresses B-BBEE certificates for Exempt Micro Enterprises (EME’s) with an annual turnover below R10 million, as well as black-owned Qualifying Small Enterprises (QSE’s ) with an annual turnover between R10 million and R50 million. EME’s now only need a suitable affidavit to justify their […]

Increase in SARS audits and reviews

Tax practitioners have seen an increase in SARS audits and reviews. This is especially prevalent when a refund is expected. As soon as a taxpayer is audited, we are requested to submit all the relevant supporting documents. As soon as SARS has reviewed the documents a completion letter is issued. In the past, the taxpayer would […]

Notice: SARS Special Stoppers

C2M has put together an informal 2.5 min video to update our clients on SARS related matters. Click on the link below to view. Notice published by SAIT: 20 September 2016 Update: SARS Special Stoppers  We note that the issue of refunds remains of great concern to you and your clients (see also the SAIT Member Alert […]

Tax Consequences for South Africa Resident Working Overseas

Tax payable by South Africans working abroad is impacted by whether they will remain tax resident of South Africa. A natural person is a “resident” if he or she is either ordinary resident in the Republic or meets the physical presence test. South African tax residents are taxed on worldwide income in South Africa. A […]

Tax proposals to hit low interest loans to trusts

Included in the Draft Taxation Laws Amendment Bill of 2016 are far-reaching proposals relating to the income tax treatment of low interest or interest free loans to trusts. The proposals if enacted are serious enough as to lead to the unwinding of various trust structures. The wording is contained in a proposed new section (section […]