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Industry News

26 Feb 2015

Transfer duty amendment a counter-productive move

By Louis Venter, Head of Private Clients, Maitland Transfer duty on the purchase of property was been amended quite substantially in the 2015 Budget. But what has been intended as a wealth tax might backfire when the forces of supply and demand have permeated through the system. Let’s put the proposals into the practical perspective...
26 Feb 2015

FISA comment on National Budget 2015

Closing down the abuse of retirement annuity contributions to avoid estate duty In a budget with few surprises the Minister of Finance announced several tax increases and measures to prevent tax leakage. From an estate planning perspective, the tax rate for trusts is increased from 40% to 41%, while the corporate tax rate of 28%...
26 Feb 2015

Strides to boost small business to be praised, but higher marginal rate a concern

High to middle income earners and consumers of alcohol and cigarettes suffered the brunt of the pain meted out by the government in the 2015/16 Budget speech, but the government also made important strides to simplify tax compliance for small businesses, said Deloitte on Wednesday. Additional sources of tax revenue might have been increases in...
26 Feb 2015

SA corporates worse-off

South African corporates will be worse off under the abolition of section 6quin tax credits which is likely to dampen trade and investment into Africa. The section 6quin tax credit arose as a result of extensive lobbying by local corporates, who were subjected to high withholding taxes in other African countries on service fees charged...
26 Feb 2015

What the Minister of Finance said and what it means for you

Our national budget is, in many respects, no different to our own personal household budgets. Karin Muller, head of Sanlam Growth Market Solutions, explains: “Over the last couple of years consumers have experienced greater pressure on their wallets, as our income has not been able to keep up with the increased prices we’re paying for...
26 Feb 2015

Finance Minister introduces measures to support a positive environment for small and medium businesses

By Kobus Engelbrecht, Marketing head for Sanlam’s Business Market South African small and medium businesses need a supportive environment for optimal efficiency. To this end, the Minister of Finance announced several initiatives which, if implemented effectively, will go a long way to create such an environment, says Kobus Engelbrecht, marketing head for Sanlam’s Business Market....
26 Feb 2015

It's all about debt stabilisation

By Arthur Kamp, Investment Economist at Sanlam Investments There was nothing too exciting in this Budget, other than confirmation that a prudent fiscal path will be followed in order to stabilise government’s debt ratio. Against the backdrop of a revenue shortfall for 2014/15 of R14.7 billion below the 2014 Budget Review forecast (as well as...
26 Feb 2015

Retirement reform still in progress

By David Gluckman, Head: Special Projects at Sanlam Employee Benefits, with contributions from Sanlam Employee Benefits’: Anton Swanepoel, Danie van Zyl, Kobus Hanekom, Carien Veenstra, Mayuri Reddy, Freddy Mwabi, Ryan Campbell-Harris In the 2015 budget speech, the Minister of Finance made a number of proposals that are relevant to the employee benefits industry. Retirement reform...
26 Feb 2015

Budget 2015 - tight and conservative

Expectations of high increases in the marginal tax rate, capital gains tax and VAT failed to materialise in what has been labelled a reassuring budget, delivered by Finance Minister Nhlanhla Nene in parliament on Wednesday, 25 February. “Just like central banking, the best possible budget is a boring budget, and this is a boring one,”...
26 Feb 2015

How deep the hole

By Chris Hart, Chief Strategist at Investment Solutions and Lesiba Mothata, Chief Economist at Investment Solutions. The 2015 budget is well intentioned; however, the likelihood of achieving the desired result is doubtful. South African government finances are clearly under pressure. Fiscal flexibility has been declining over the past six years. The previous budget tabled by...

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