South Africa ready for a Tax Revolt

Tax revolts date back to biblical times. Throughout the ages they have exhibited similar symptoms of a decline in taxpayer morale and confidence in a government’s ability to manage public finances for the greater good of its citizens. Recent public outcries in...

Large Audit firms vs Small Accounting firms

Recently in a article published, it was said that the Big Four Auditing firms bungled 31% of US audits. Since auditors are paid by the companies they scrutinize, the argument is that they have a incentive to produce reports that please those companies – and,...

Trusts in a Nutshell

There are three types of trusts: 1-Ownership trust–A founder or settlor transfers ownership of assets or property to trustees which are to be held for the benefit of defined or determinable beneficiaries of the trust. 2-Bewind trust–A founder or settlor transfers...

Tax Inspectors without Borders

Ensuring that multinational enterprises pay their fair share of tax is a growing concern worldwide. Tax Inspectors Without Borders (TIWB) – a joint initiative of the Organisation for Economic Co-operation and Development (OECD) and the United Nations Development...

Be careful of Billing Fraud

What is billing fraud? It can be described as an employee creating a fake invoice or inflating an existing one to submit and get paid. Most people think they will never be scammed, and then they are. Non-profits and religious organizations often get hit by billing...

Budget Speech in a Nutshell

I am not going to go into detail regards GDP, Gross Public spending or Moodys credit rating that may be effected.. I am going to highlight the R69bn for Eskom restructuring, which is a Provisional figure that will probably increase depending on the size of the tariff...

Reminder to File Company Income Tax ( ITR 14)

This is a reminder that your Company Income Tax Return (ITR14) is due on 28 February 2019. It is compulsory for registered companies to submit their income tax returns. Companies are required to submit a tax return in the prescribed form twelve months after their...

South Africa needs a Flat Tax

With Budget Day fast approaching it is worth dreaming of a better tax system. So, here we go. Hey Tito, how about a flat tax of 20%? It will save the economy, pay for social grants, and get business going again. It would be great if we could hit the reset button and...

State Mismanagement estimated at 7% of SA Budget

The number crunchers at the DA have tallied up the amount of irregular, fruitless and wasteful expenditure in government departments and state-owned entities (SOEs) and it comes to a staggering R100,9 billion. Earlier this month the DA put the figure at about R76...

Personal Loans – what is a Mashonisa

The country has seen a increase in new lenders in South Africa due to banks been so strict with FICA and the National Credit Act. These lenders offer unsecured credit agreements and are not governed by the NCR or any other government body. Mashonisa is used to...

Land Expropriation

Although this is not accounting related, the writer has decided to give FAS opinion in regards Land Reform. “I cannot see how productive pieces of land would be expropriated without market-related compensation. Nobody will convince me that the Constitutional Review...