My Guys (Pty) Ltd

🍲🍲 Have you dipped into your two-pot retirement savings? You're not the only one! SARS has already handled more than 1.2 million applications for tax directives related to withdrawals from retirement funds' savings components, amounting to R21.4 billion. SARS has approved 95% of these applications, with the rest being declined owing to issues like incorrect identity or tax numbers. Withdrawals are taxed at your marginal rate, but SARS has identified over 213,000 taxpayers who understated their income to reduce tax liabilities. This leads to penalties being issued against you, so make sure your tax affairs are in order. Got questions about your two-pot retirement savings? We can help. #Retirement #TwoPot #Tax

SARS has announced a significant change to its eFiling system, introducing a new feature that enables you to pre-populate their tax returns with information from third-party sources. This update aims to simplify the filing process and enhance accuracy by reducing the need for manual data entry. Taxpayers stand to benefit from improved efficiency and potentially quicker refunds, as the system will automatically pull relevant data from banks, employers, and other institutions. #Tax #Efiling #Compliance

Taxpayers' lack of confidence in SARS is concerning. Trust in the South African Revenue Service among taxpayers has stagnated, with recent surveys indicating no significant improvement in confidence levels over the past year. Many taxpayers express concerns about the efficiency and fairness of the tax system, citing issues such as lengthy processing times and perceived inequities in tax collection. Despite efforts by SARS to enhance communication and transparency, skepticism remains prevalent, particularly regarding the agency's ability to address tax compliance effectively. #SARS #Taxpayer

Calls are being made for the introduction of a special tax in South Africa to fund a proposed R700 social grant aimed at supporting vulnerable citizens. Advocates argue that this grant is essential for alleviating poverty and providing financial relief amid rising living costs. The proposal suggests that the new tax could be levied on high-income earners and corporations, ensuring that those who can afford to contribute help support the most disadvantaged. Critics warn, however, that implementing additional taxes could further strain the economy and discourage investment. #Tax #Grant #Treasury

SARS is facing significant challenges with its timekeeping and processing efficiency, which have been identified as critical weaknesses in its operations. Delays in tax refunds and the processing of returns have led to frustration among taxpayers, undermining confidence in the agency. These inefficiencies affect taxpayer satisfaction and hinder SARS's ability to meet revenue targets. #SARS #Collection #Compliance

There's good reason for concern: there's been a significant exodus of taxpayers from South Africa, driven by factors like economic instability, high taxes, and increasing crime rates. Many affluent individuals and businesses are relocating to countries that are perceived as more favourable for investment and personal safety. This trend poses a risk to South Africa's economy, as the departure of high earners could lead to reduced tax revenues and further economic decline. T here is an urgent need for government reforms to retain taxpayers and improve the overall business environment in the country. #Tax #Taxpayers #SouthAfrica

As we approach the end of 2024, it's important to address the significant changes regarding Beneficial Ownership compliance mandated by the CIPC. While many business owners may feel overwhelmed by these new requirements, there's no need to worry—My Guys are here to help! Key Points on Beneficial Ownership Compliance: ⭐Who is a Beneficial Owner? A beneficial owner is a natural person who directly or indirectly owns or controls 5% or more of a company, or has significant influence over its management. ⭐ Registration Deadline: Your Beneficial Interest Register must be submitted to the CIPC by 30 November 2024. This deadline is fast approaching! ⭐ Required Information: Your register must include: - Full names and identification details (ID number, passport number with date of birth, or registration number) of every beneficial interest holder. - All business or residential addresses and email addresses. - A detailed breakdown of the extent and nature of each beneficial interest, ensuring confidentiality and protection against unauthorized access. Failure to comply could lead to your business being deregistered by the CIPC. We can't let that happen! Act Now! With the deadline looming, it's time to take action. While some companies charge upwards of R17,000 for compliance services, we offer our expertise for just R1250. Let us help you in ensuring your Beneficial Ownership submissions are completed accurately and on time. #BeneficialInterest #SME #Business

SARS continues to intensifying efforts in cracking down on tax non-compliance, particularly targeting high-net-worth individuals (HNWIs) and their associated trusts and companies. SARS has established dedicated units to scrutinize wealthy taxpayers, including a High Wealth Individual (HWI) segment and an Illicit Economy Unit. The revenue service is employing advanced data analytics and third-party information to identify discrepancies in declared income and lifestyle audits. SARS is also focusing on cross-border transactions, offshore assets, and complex corporate structures to ensure proper tax compliance. This increased scrutiny aims to address the tax gap and ensure that all taxpayers, especially those with significant wealth, are meeting their tax obligations. The only way to handle your tax affairs is to stay compliant. Need help? Call My Guys. We sort it out. #Tax #SARS

Are you considering emigration or already living abroad as a South African expat? There are many tax implications associated with relocating from South Africa, and there are many common misconceptions about taxes and SARS when moving internationally too. We're here to help! We'll give you valuable insights to help you prepare for your move, covering key topics such as your tax residency status, the potential tax consequences of returning to South Africa, and the importance of understanding double taxation agreements. We aim to equip you with the right knowledge for navigating the complex world of international taxation as a South African expatriate. Need help? Call My Guys #Tax #Emigration

VAT refund fraud is a significant issue in South Africa, costing the country billions of Rands annually. E-invoicing is being considered as a solution to combat this fraud, following successful implementations in other countries. The South African Revenue Service (SARS) is currently rolling out a pilot project focused on e-invoicing. While e-invoicing is seen as a promising solution, it is part of a broader strategy to modernise tax administration and fight fraud across South Africa. #VAT #Refunds #EInvoicing