Firstly, what is the Medium Term Budget Statement (MTBS)? It’s a three year outlook by the Treasury of government finances and an exercise in transparency in governance. Whereas the February Budget each year is Government’s actual annual financial plan, the MTBS is an interim statement that highlights government priorities and spending plans, an advance warning if you like of what we can expect in the future.
Firstly, what is the Medium Term Budget Statement (MTBS)? It’s a three year outlook by the Treasury of government finances and an exercise in transparency in governance. Whereas the February Budget each year is Government’s actual annual financial plan, the MTBS is an interim statement that highlights government priorities and spending plans, an advance warning if you like of what we can expect in the future.
If you are about to enter into a rental or lease agreement for a moveable asset, such as a printer, be sure you know how the National Credit Agreement Act (NCA) treats such agreements. The trap here is that a lease isn’t always a “lease” for the purposes of the Act.
There is a feeling that taxpayers are getting fed up over the amount of tax they have to pay. Add to this the adverse publicity SARS has received as one of the focal points of the current political struggles and the string of suspensions/dismissals of senior SARS officials.
Despite this, statistics for the months April to July show that government finances are on track to deliver on the Budget outlined by the Finance Minister in February.
We recently discussed the Special VDP which lets non-compliant taxpayers voluntarily disclose offshore assets and income in order to regularise both their tax and exchange control affairs. As promised, here is an update for you on current changes to the SVDP. Please note that the final amendment Bill has not at date of writing been passed by Parliament, so it is possible there will be some further changes. We’ll keep you advised.
25 November 2016 is your eFiling deadline if you are a non-provisional taxpayer. If you plan to submit from a SARS’ office this is also the due date for filing (non-provisional).
Disclaimer
The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact us for professional, detailed and appropriate advice.
