Tax
Managing tax responsibilities and planning for tax issues is becoming more complex.
The South African taxation landscape is continually changing. At PAMAG our tax specialists help you navigate through the increasingly complex tax environment. Whether an individual taxpayer, corporate, or trust, it is essential that your financial affairs are managed in a way that is both tax effective and compliant with the law. PAMAG provides a complete in- house service covering a wide range of tax matters.
Tax advisory
• Tax compliance
• Indirect taxes
• International tax
• Mining tax
Ancillary services
• Company secretarial services
• Payroll administration
• IT consulting and support
• Compilation of financial statements
VAT Registration
South Africa’s tax laws may seem incomprehensible to those who have never truly dealt with it before. At PAMAG, we offer professional tax services suited to both individual and business requirements. Whether you require assistance with your Value Added Tax (VAT) registration, or you need help to meet tax deadlines, you can rely on our equipped and experienced team. There are certain rules and regulations that need to be considered when a business is preparing for VAT registration. You are required to register your business for VAT if the value of any taxable goods or services offered exceed R1 million within a 12-month period. By law, such businesses need to complete a VAT 101 – Application for Registration form and it needs to be submitted to a local SARS branch within 21 days from date of exceeding R1 million. All VAT returns and VAT liabilities should be paid in alignment with the tax period that is allocated to your business. Most often, such payments are to be submitted on or before the 25th day after the indicated tax period has ended. Late payments can lead to harsh penalties and interest, so it is in your company’s best interest to stay compliant. If your business’ monthly revenues in the past 12 months exceeded R50 000, you can register for VAT voluntarily. When attempting to register your business for VAT, there are a number of requirements to be met.
Some of these include:
• Your business should be a registered company – this refers to your company being registered with the Companies and Intellectual Property Commission (CIPC)
• You should have a business bank account – your business bank account should be solely for business transactions, devoid of any personal transactions
• Proof of trading history – you should be able to prove that your company has a trading history. Most often, invoices sent to clients for products sold or services rendered should suffice
• Proof of address – if you meet all the above requirements, you are ready to register your business. Upon submitting your registration form (known as a VAT 101), you should have a proof of address available
Documents required for the registration process include:
• A copy of your Certificate of Incorporation
• A copy of Trust Deed and Authority Letter
• A copy of your original ID
• Letter from bank or stamped statement from bank
• Recent invoices as proof of trade history
• Proof of address – this could be a recent municipal account or your rental agreement
Tax Consultant
A tax consultant, also known as a tax advisor, is an expert in tax law, preparation and compliance matters. At PAMAG, professional tax services are part of our service offering and we assist both individuals and businesses to help them meet their tax regulations and obligations. Tax is an unavoidable part of every business and making sure that you stay compliant to tax regulations and standards will save you both time and money in the long run. Relying on professional tax consultant services offers many benefits – and will ensure that your tax return deadlines are met. Whether you own a business or work in South Africa, you will be expected to pay tax. Tax amounts are dependent on various factors which a tax consultant can assist you with.
South African companies that are expected to pay corporate tax include:
• Public companies – listed and unlisted
• Private companies
• Close corporations
• Co-operatives
• Collective investment schemes
• Small business corporations
• Share block companies
• Body corporates
• Public benefit companies
• Dormant companies
Chances are that you fall into one of the listed categories and need assistance with understanding and paying tax. PAMAG’s tax team is available to assist your personal or business tax requirements, to help you make sense of the rules, laws, and regulations, and to ensure that you stay compliant. Each of our tax consultants brings various accolades to the table, including accredited financial and tax related qualifications, as well as years of experience working on clients’ tax matters in a diverse range of industries. As your dedicated partner in personal and business tax, you can rely on our team to assist with anything from your company’s VAT registration to your PAYE or annual tax returns.
Income Tax
Income tax is the South African government’s biggest source of income and is stipulated in the Income Tax Act No. 58 of 1962. As stated by the Act, tax is levied on income received by all taxpayers (including trusts, companies and individuals). Income Tax refers to a number of different tax types, including Standard Income Tax on Employees (SITE), Pay As You Earn (PAYE), Provisional Tax, etc.
At PAMAG our tax consultants guide our clients through a maze of tax laws, regulations and rulings – from income tax requirements to VAT registration. In addition to our main goal of helping clients stay compliant, we also have an intense focus on helping them to move forward in the best way possible.
Each PAMAG tax consultant brings a wide array of credentials to the table— including advanced financial and tax related qualifications as well as years of invaluable experience gained from working at the South African Revenue Service, before joining our team.
Our tax consultants take pride in their integrated and consultative approach to providing the highest quality tax services and assistance.
As your dedicated partner in tax, you can count on us to assist with the following:
Tax strategy, planning & advice
Annual tax returns for businesses
Tax incentives & allowances for SME’s
Capital Gains Tax
Tax matters relating to Trusts
Personal tax returns
Dividend Tax
VAT returns
Tax Compromise Applications
PAYE returns
Salaries & tax optimisation
We’re proud to work with a diverse range of clients who rely on us for
accurate, reliable, and forward-thinking financial services.
