Legal Requirements Tax & Other
While Employment Tax reporting ended 31 May in South Africa and the country can take a breather, other countries on the continent are preparing for tax legislation changes and year-ends in June.
The annual budget speech delivered by the Minister of Finance is often viewed with a healthy dose of foreboding by payroll administrators across the country.
Government has welcomed the adoption of the Employment Tax Incentive Bill, which is aimed at reversing the high levels of youth unemployment.
The National Treasury says pensioners could get more when they retire if retirement income charges are reduced.
Many employees are weighed down by debt, which results in stressed workers and leads to low morale and productivity in the workplace. David Brown shares his advice on what employers can do to alleviate some of the stress caused by massive debt.
With food and petrol prices on the rise, South African consumers are increasingly feeling the strain and resorting to credit and loans to buy both big ticket items and necessities, leading to escalating debt.
With more than 40% of payroll in Africa being conducted through South Africa, and $173 billion of business being conducted per day globally, the payroll industry is becoming all the more significant.
In one of the most significant changes to employees’ tax requirements in decades, the accrual principle is proposed to be relaxed for variable remuneration items such as commissions, travel payments, overtime and bonuses.
The South African Payroll Association (SAPA) has devised a strategy to emphasise the critical role that payroll administrators play in business.
Bursaries and scholarships increase value for employers and employees by improving overall skills levels. The South African 2012-2013 Budget made changes to the legislation regarding the taxation of bursaries and scholarships.
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