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                *     Registered Professional Accountants in practice since 1982

                *     Registered Tax Practitioners

                *     Licenced Financial Service Provider 

 

 

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Deadlines

Annual Duty – one calendar month to the day after the incorporation date

Promotion of Access to Information Act manual – 31 December 2015

Provisional tax – 1st period 2015 – 31 August 2014

Submission of Income Tax Return for the year ended 28 February 2014 by:

Non-provisional taxpayers – 30 November 2014

Provisional taxpayers who submit by efiling – 31 January 2014

Submission of Company and Close Corporation tax returns – 12 months after their financial year-end

ECONOMY

 

Whilst the platinum strike may not impact directly on the consumer, it and the current NUMSA action will have a decided impact on how South Africa is perceived by international business. The mining strike had a direct impact of the country’s credit worthiness and may well influence tax rates as the government tries to raise additional revenue to fund its social upliftment programmes.  

The NUMSA action has a far wider implication. The metal workers sector of the economy covers a wide range of industries. The main industry to be impacted will be the motor vehicle manufacturers. However, this industry farms out a great deal of component manufacturing work to lesser industries and those, in turn, rely on still smaller businesses for the supply of their raw materials.  

It has been estimated that the current action will cost the economy R 300 million per day and result in an even greater loss of face with the international business community. Already, some international firms are considering closing their South African operations and moving to countries with a more amenable labour dispensation.

If one studies the history of strike action in the United Kingdom, it is clear that, in the 60's, it had a disastrous impact on that economy. Large motor manufacturing plants closed their doors or were taken over by foreign concerns that drastically curtailed the British operations resulting in huge job losses. The economy took nearly twenty years to recover from the blow.  

Therefore, the government should take urgent steps to make our labour laws less punitive to business and reduce the bias that, currently, favours the worker. One area that bears attention is placing a limitation on the duration of strikes.

 

Accounting 4 Financial Services

 

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