Hobbs Sinclair

Compliance is key. Here's your Tax Memo for March. Please ensure compliance with these deadlines to avoid potential penalties. For more detailed information, refer to the SARS official calendar.

A shoutout to Edmund Rabe , Nicole Witbooi and Richard Hanbury-King for passing their APC exam. The Assessment of Professional Competence (APC) is a qualifying exam that assesses a candidate's professional skills in a case study format. This exam is one of the toughest milestones on the journey to becoming a Chartered Accountant in South Africa. Your hard work has paid off, and we couldn’t be prouder. Well done!

Farewell to Elmi Uys After three incredible years, Elmi’s CIMA traineeship at Hobbs Sinclair has officially come to an end. She’s conquered financial statements, mastered tax, and always been the first to lend a helping hand. But beyond her expertise, she’s the colleague you want to sit next to; sharp-witted, full of energy, and always ready with the latest news. Elmi has been nothing short of unstoppable and now, it’s time for her next adventure - travelling and taking a well-earned break. Wishing you all the best as you take the world by storm!

Hobbs Sinclair's Tax Director, Danielle Luwes ACMA, CGMA Luwes breaks down Provisional Tax in this article by business journalist for The Citizen News, Ina Opperman. https://bit.ly/4hQIEkK

While South Africa debates a VAT increase, it’s worth noting that Europe dominates the list of countries with the highest VAT rates worldwide. Hungary tops the list at 27%, while many other nations have rates of 20% or higher. The USA, however, follows a state-level tax system, where sales tax rates vary by state. For instance, California has a 7.25% sales tax, while some states, like Oregon, have no sales tax at all. Globally, countries take different approaches to structuring their taxation systems. Still, it’s interesting to see how VAT and sales tax rates vary widely, reflecting diverse economic policies and fiscal strategies.

Reminder: Tomorrow, 19 February 2025, Finance Minister Enoch Godongwana will deliver the National Budget Speech in Cape Town, scheduled for 14h00. Key tax topics to watch out for include potential adjustments to personal income tax brackets and possible changes to the fuel levy. #budgetspeech2025 #sabudgetspeech #tax

📅 February Compliance Checklist: Important Dates to Remember February brings critical compliance deadlines that you can’t afford to miss. Here’s your memo for this month: 7 Feb: PAYE return submission and payments 19 Feb: Annual Budget Speech 25 Feb: VAT return submission and payment 28 Feb: Provisional Tax return submission and payments 28 Feb: 2024 Corporate Income Tax return submissions (February year-end) 28 Feb: End of the 2025 year of assessment

The Office of the Tax Ombud has released a media statement this week, addressing the growing concern of eFiling profile hijacking, a security issue affecting many taxpayers. With Ministerial approval, the Ombud is now investigating the scale of this problem and seeking solutions to protect taxpayers. To support this effort, taxpayers and tax professionals are encouraged to share their experiences by participating in a survey. Your feedback will be instrumental in shaping recommendations to address this systemic issue. Survey deadline: 5 March 2025 Participate here: https://bit.ly/4hAR0wy #TaxCompliance #CyberSecurity #Accounting #TaxOmbud

We’re starting the year strong by welcoming four talented CIMA graduates into the Hobbs Sinclair family: Anke Matthee, Georgia Daniels, Lilian Pope, and Divan Fourie. Best of luck as you embark on this exciting career journey with us! #CIMA #HobbsSinclair #FirstYear

Reminder to all Trusts and Provisional Taxpayers The deadline to file your annual income tax return for the 2024 tax year is Monday, 20 January 2025. The 2024 tax year spans 1 March 2023 to 29 February 2024. Filing on time ensures compliance and avoids unnecessary penalties. All Trusts must submit an annual tax return, even if they have no economic activity. The trustees act as the "representative taxpayer" for the Trust and bear legal responsibility, both in their official role and personal capacity, for ensuring the Trust meets its tax obligations. #TaxCompliance #ProvisionalTax #TrustTax #TaxSeason #ProvisionalTax #TrustTax