Jacoba Venter Accountants

Great News!!

VAT increase revoked by national treasury

SARS authority to limit travel according to tax compliance status.

See below link for more details:

Tax compliance in South Africa: SARS's authority to limit travel Sars has the legal authority to impose travel restrictions on non-compliant taxpayers, as confirmed by a recent High Court ruling. This article explores the implications of the Tax Administration Act for South African taxpayers and foreigners conducting business in the country.

Provisional tax deadline!

The new national minimum wage set at R28.79 per hour.
Read the full story.

https://www.citizen.co.za/rekord/news-headlines/2025/02/05/heres-how-much-domestic-workers-should-be-paid-in-2025/

SARS targeting taxpayer bank accounts.

See below link for more information:

SARS is coming after your bank account SARS has a firm new target in 2025, and it has far-reaching powers to take what it is owed—with or without their permission.

According to the National Treasury, these are the key tax measures being considered for 2025.

• Increasing the number of VAT zero-rated items;
• Increasing the headline corporate income tax rate to 28%;
• Stronger measures to combat illicit financial flows;
• Introducing a progressive net wealth tax on high-net-worth individuals, and financial transactions taxes;
• Increasing PIT on high-income earners, along with increases in inheritance, estate, and luxury import taxes;
• Reducing tax evasion by, and reducing/eliminating tax breaks for high-net-worth individuals;
• Acceleration of measures to close existing tax loopholes;
• Removal of medical tax credits;
• Systematic review of tax incentives and removal of ineffective incentives;
• An increase of the Health Promotion Levy to the recommended 20%; and annual inflation-related increases thereafter.

The Budget 2025 date has not yet been officially set, but it typically happens near the end of February, after the president’s State of the Nation Address.

Please note that our offices will be closed on the following dates:
25 December 2024
26 December 2024
1 January 2025

Send a message to learn more