Category SMMEs

GIFS provides small businesses with a tax SOS

28 November 2022 GIFS

While tax compliance has significantly increased in South Africa, many businesses fall afoul of the law through ignorance rather than malicious intent.

The sentiment came through strongly during the Graduate Institute of Financial Sciences’ (GIFS) latest webinar on how to structure companies for the best possible tax relief. Renowned tax professional Mr Johan Heydenrych was the keynote speaker in GIFS-led Insurance Institute of Gauteng Insights Session in November 2022.

SARS has stated at budget in February 2022, tax revenues were expected to grow by 3.3% (R1547bn to R1598bn). In a media statement earlier this year, the Revenue Service added that it’s continuing to improve the efficiency in tax revenue administration through targeted strategic compliance and enforcement interventions to ensure more
people are compliant.

Back at the webinar, Heydenrych explained the key to compliance is understanding the ‘how.’ He provided relatable scenarios on why tax legislation is a cornerstone of democracy. While tax matters can be weighty for the average person, Heydenrych carefully explained the importance of establishing good tax practice while deciding on the type of company to start up.

Here are his top tips to ensure taxation is a seamless and not stressful process:
• Find a trusted tax advisor who’s not afraid to consult peers
• Your tax advisor must take the time to understand your needs as a client
• The advisor must understand the regulatory environment
• Before you start your business, get a tax advisor to advise you on your tax structure

Watch the full discussion here....

GIFS’ CEO Dr Kershen Pillay effortlessly moderated the session. It was GIFS’ third and final IIG session for the year. Previous discussions focused on job creation and how to tackle corruption.

Read more about GIFS here:

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