Category: Finance
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Interest received by non-residents on SA bank accounts
Persons that are not tax resident in South Africa (“SA”) are only taxed in SA on income received by or which accrued to such non-resident from an SA source. This will include interest received on an SA bank account. Non-residents may, however, be exempt from SA income tax on interest earned in terms of section 10(1)(h) […]
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Budget 2018
Following the annual national budget speech delivered by Finance Minister Malusi Gigaba on 21 February, we highlight some of the most significant matters arising below: The much-debated VAT rate has been increased from 14% to 15%, which was widely expected although hugely unpopular given the political sensitivity coupled with the effect that this will have […]
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Borrowing to purchase listed shares – 100% tax ineffective?
Where a person borrows money to purchase shares, the general rule would be that the interest paid on the funds borrowed to fund that acquisition would not be deductible for tax purposes, the reason being that the interest expense is not incurred in the production of “income”. Similarly, interest paid cannot be said to be […]
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Claiming VAT input on “pre-enterprise” expenditure
In terms of section 17 of the Value-Added Tax Act, 89 of 1991, a registered VAT vendor is entitled to claim back any amounts of VAT paid on goods and services acquired or imported that will be used in the furtherance of that particular VAT enterprise. The ability to claim input VAT in this manner […]
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MSI Global Alliance adds legal member in Switzerland
MSI Global Alliance, one of the world’s leading international associations of independent legal and accounting firms, is delighted to announce its new legal member firm Watt law in Switzerland. Based in Geneva, Watt law provides comprehensive legal services in corporate and commercial matters as well global dispute resolution and advisory services to clients in Switzerland […]
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Deductibility of SED and ED expenditure
The South African Revenue Service (“SARS”) recently issued a binding private ruling (“BPR”) in which the income tax consequences of expenditure in respect of socio-economic development (“SED”) and enterprise development (“ED”) obligations were considered. The applicant in this case is a company that owns and operates a wind farm that generates electricity. In terms of […]
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MSI wins ‘Rising Star Association’ and ‘Communications Campaign’ awards
MSI Global Alliance, one of the world’s leading international associations of independent legal and accounting firms, has won two awards in the prestigious International Accounting Bulletin Forum & Awards. MSI Global Alliance is delighted to have received the two awards: ‘Rising Star Association of the Year’ and ‘Communications Campaign of the Year’ at the annual […]
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The importance of having a good accounting system
If your business doesn’t have an effective accounting system in place, you run the risk of making serious errors in your finances. Furthermore, a good accounting system simply makes life easier and allows you to focus more on growing your business. It helps you evaluate the performance of your business: A good accounting system gives […]
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MSI Global Alliance appoints new accounting members in South Korea and Australia
MSI Global Alliance, one of the world’s leading international associations of independent legal and accounting firms, is delighted to announce the appointment of two new accounting members SEJUNG LLC in South Korea and Oreon Partners in Australia. Headquartered in Seoul, with two further branches in Suwon and Daejeon, SEJUNG LLC is a leading CPA firm […]
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MSI Global Alliance adds two new members
MSI Global Alliance, one of the world’s leading international associations of independent legal and accounting firms, is pleased to announce the appointment of two new member firms Bowditch & Dewey, LLP in Massachusetts, USA and Dixcart Management (Cyprus) Limited in Cyprus. With nearly 60 lawyers in three Massachusetts locations, Bowditch & Dewey, LLP offers a […]
