Personal Income Tax – what is it and who has to submit returns
Income tax is a tax that you pay on the amount of money that you make, that is deemed taxable by SARS. This income could be: Remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits Profits or losses from a business or trade Income or profits arising from an individual being a beneficiary of a trust Director’s fees Investment income, such [...]
What the CIPC’s XBRL Programme means for you and your business
By introducing the Extensible Business Reporting Language (XBRL), the Companies and Intellectual Property Commission(CIPC) significantly simplified financial reporting. XBRL is a digital financial reporting solution that allows companies to digitally file yearly financial statements that can then be shared across the regulatory spectrum for multiple purposes. These can also be analysed for trends and the like, far more deeply than is possible with PDFs. Having financial statements in an XBRL [...]