Foreword

For most accountants and auditors, March brings welcome relief – a month of respite. Provisional tax and financial year-end dominate our lives to a large extent in January and February. With the South African Revenue Service mercilessly levying fines, there is a great focus on ensuring that our clients’ provisional tax is calculated accuarately and paid on time. Along with this, February is associated with the annual budget speech – an event on the calendar that for most of us also brings a good dose of anticipation and tension.For the past two tax years there has been great concern that the budget speech will hold bad news for taxpayers, but just like the previous two years, there have not been any big surprises this year. Discussion points over the last few weeks are of course the tax incentive for South Africans to invest in solar power through the installation of solar panels, which some will be able to take advantage of. Another discussion point is the so-called greylist – on which South Africa was indeed placed.In this newsletter you will find, among other news, the following:

• brief summary of the budget speech;
• changes to the Trust Property Control Act;
• new reporting requirements of trusts in relation to the South African Revenue Serve; and
• changes to Section 18A receipts (donations to public).

Kind regards

ASL