Compliance News
South Africa: Employment equity reporting (EEA 2 & EEA 4)
In recent years, the equity authorities has accepted the “equity submission period” as the period: During which the EEA2 and EEA4 reports must be submitted This period opens on 1 September for both manual and online submissions, and Closes on 1 ...
Zimbabwe: 2022 Mid-Term Budget Proposals
The 2022 Mid-Term Budget and Economic Review & Supplementary Budget Speech was presented to Parliament by the Minister of Finance and Economic Development on Thursday 28th July 2022. With regards to Pay As You Earn, the Minister proposed to review ...
Mauritius: Finance Act 2022 tax changes
The Finance (Miscellaneous Provisions) Act 2022 came into force on 2 August 2022 and amended several statutory legislations to provide for the implementation of the measures announced in the financial budget 2022-2023. The following measures shall be ...
Eswatini: Interest Rate
The Central Bank of Eswatini published the following Monetary Policy Statements announcing a change in the official interest rate. https://www.centralbank.org.sz/monetary-policy-statements-2/ The Monetary Policy gets reviewed depending on the ...
South Africa: Notice issued informing employers of COIDA compliance
As per the Government Gazette No. 47018, notice was issued by the Director General of Employment and Labour, informing employers of COIDA compliance and intentions to conduct employer COIDA audits and employer site visits. In terms of the ...
South Africa: Official rate of interest (low interest loans)
The South African Reserve Bank's (SARB) Monetary Policy Committee (MPC) has announced an increase in the repurchase rate by 75 basis points. The increase means the repo rate would be 5.50% per year as from the 22 July 2022. The “official rate of ...
Tanzania: Workers Compensation Contribution Rate
The Workers Compensation (Payment of Tariff) (Amendment) Regulations, 2022 has made a change to the contribution rate for employers. The Principal Regulations are amended in regulation 5(2) by deleting the words "zero point six per centum (0.6%)" and ...
Tanzania: Finance Act, 2022
On the 28th of June 2022, the National Assembly of the United Republic of Tanzania passed the Finance Bill, 2022. The Bill was assented by the President, honorable Samia Suluhu Hassan of the United Republic of Tanzania on the 30th of June 2022. ...
Sierra Leone: Currency Redenomination
Pursuant to Section 30 of the Bank of Sierra Leone Act 2019, the Bank of Sierra Leone issued a public notice introducing new currency notes and coins, which shall be called the New Leone. The redenomination will be achieved by removing three zeros ...
RSA: 2022 Tax Filing Season is now open
What is different this year? This year SARS will again issue auto-assessments to taxpayers. However, if the taxpayer or their Tax Practitioner is in agreement with an auto-assessment then there is no need to “accept” the assessment. If the taxpayer ...
Uganda 2022/2023 budget update
Uganda has enacted a series of amendments to various laws governing taxation. The amendments were announced by the Minister of Finance, Planning and Economic Development when he presented the Budget for 2022-23 to the parliament on 14 June 2022. No ...
Mauritius: Budget 2022/2023 proposals
The Mauritius National Budget 2022 – 2023 was presented by Dr the Honourable Renganaden Padayachy, Minister of Finance, Economic Planning and Development on Tuesday 07 June 2022. As from July 2022, the proposed fiscal measures taken in the budget ...
South Africa: Deceased Employee – responsibility of the Employer
What obligation rests on the employer? Paragraph 13(2)(b) of the Fourth Schedule to the Act provides that an employer, who ceased to be an employer in relation to an employee, for example when an employee dies, is required to deliver an employees’ ...
South Africa: New e@syFile released
e@syFile version 7.2.7 was released. The release notes have been placed on the SARS website. https://www.sars.gov.za/wp-content/uploads/Docs/PAYE/Release-Notes-V7.2.7.pdf
DRC Family Allowance
Please note the family allowance contributions are processed on the "CNSS Allocations Familiales" component (Tax code FAMKAT). As the benefit payout is processed directly from the CNSS, we have removed the "Family Allowance Automated" component (Tax ...
SARS official rate of interest increase effective 1 June 2022
In terms of Section 1(1) of the Income Tax Act, the ‘official rate of interest’ means a rate of interest equal to the South African repurchase rate plus 100 basis points. Provided that where a new repurchase rate is determined, the new official rate ...
Zimbabwe: Insurable Earnings Ceiling
Pension & Other Benefits Scheme (POBS) contributions insurable earnings ceiling for the months of April 2022 - June 2022: The calculation for the National Social Security Authority (NSSA) earnings ceiling effective 1 April 2022 - 30 June 2022 is the ...
Lesotho: 2022/2023 Tax Changes
The Minister of Finance, Honourable Thabo Sophonea, presented the Budget Speech for the Kingdom of Lesotho on the 2nd of March 2022. The theme for this year is "Building a Resilient, Sustainable and Innovative Economy: Fiscal Consolidation amid ...
Malawi: 2022/2023 Tax changes
The 2022/2023 Budget Statement was Delivered to the National Assembly of the Republic of Malawi by the Minister of Finance and Economic Affairs on Friday, the 18th of February 2022. The proposed changes came into effect on the 1st of April after the ...
Zimbabwe: Insurable Earnings Ceiling April 2022
Pension & Other Benefits Scheme (POBS) contributions insurable earnings ceiling for the month of April 2022: The calculation for the National Social Security Authority (NSSA) earnings ceiling effective 1 April 2022 is the average of the preceding 3 ...
RSA: SARS Employer Annual Reconciliation Declaration submission dates - 2022 Tax Year
SARS Have announced the Employer Annual Reconciliation Declaration submission dates for the 2022 Tax Year. The submission period is 1 April 2022 – 31 May 2022. Please refer to the link below for the announcement. ...
RSA: SARS official rate of interest increase effective 1 April 2022
In terms of Section 1(1) of the Income Tax Act, the ‘official rate of interest’ means a rate of interest equal to the South African repurchase rate plus 100 basis points. Provided that where a new repurchase rate is determined, the new official rate ...
South Africa: National Minimum Wage
The Government Gazette No. 45882 Notice 1732 was published 7 February 2022, determining that in terms of Section 6(5) of the National Minimum Wage Act, No. 9 of 2018, the national minimum wages contained in Schedule 1 and Schedule 2 are amended in ...
South Africa: BCEA Earnings Threshold increase
The Minister of Employment and Labour has issued a determination in terms of section 6(3) of the Basic Conditions of Employment Act, 75 of 1997 in terms of which the annual earnings threshold will increase from R211 596.30 per annum to R224 080.48 ...
South Africa: Compensation Fund Earnings Threshold For The 2022/23 Year Of Assessment
Each year the Compensation Fund publishes the change to the earnings threshold in a Notice signed by the Commissioner and published in a Gazette. The threshold limits the earnings calculated by the payroll per employee from 1 March 2022 until 28 ...
South Africa: Statutory updates for the 2022-2023 Tax Year
Please take note of the following statutory changes for RSA to be released within the next few days: An expansion of the employment tax incentive, through a 50% increase in the maximum monthly value, to R1 500. Furthermore, the definitions of ...
South Africa: Return of Earnings 2021/2022 Submission Period Extended
The submission period for the 2021/2022 Return of Earnings has been extended. Submission dates for the return will be from 1 April 2022 to 31 May 2022. The ROE Online System will temporarily shut down from 18 March 2022 until 31 March 2022 for system ...
South Africa: Fixing of rate per kilometre in respect of motor vehicles
The Government Gazette No. 46015 Notice 1848 was published 8 March 2022, determining that where the provisions of section 8(1)(b)(iii) are applicable in respect of the recipient of an allowance or advance; and no other compensation in the form of a ...
South Africa: Subsistence Allowances
Subsistence Allowance (overnight allowance) The Government Gazette No. 46000 Notice 1844 was published 4 March 2022, determining the daily amount in respect of meals and incidental costs for purposes of section 8(1)(c)(ii) (overnight allowance) of ...
Namibia: Budget speech 2022
On the 24th of February Minister Iipumbu Shiimi concluded his 2022/2023 National Budget Speech. This year’s budget theme is “Reimaging, a Better Future for the Youth”, in resonance with the theme of the year 2022 as announced by His Excellency ...
Malawi: Proposed tax changes 2022/2023
The Minister of Finance and Economic Affairs Sosten Gwengwe has presented the 2022/2023 national budget for Malawi. Please note that the Income Tax changes will be effective on the 1st of April 2022 once the relevant Bills have been passed by ...
Malawi: Fiscal year change
The government, through the Ministry of Economic Planning and Development and Public Sector Reforms, announced that the fiscal year for Malawi will be commencing on 1 April and ending on 31 March. Previously the financial year commenced on 1 July and ...
Ghana: SSNIT and NIA Numbers Merger extended
The Social Security and National Insurance Trust (SSNIT), has extended the deadline for Members of the Scheme to merge their SSNIT and NIA numbers (Personal ID Numbers on their Ghana Cards) from 31st December, 2021 to 30th June, 2022. Members who are ...
Ghana: SSNIT increase in minimum contribution rate
Effective January 1st, 2022, Ghana increased its daily minimum wage to GHS 13.53 per day, as announced by the National Tripartite Committee. This change affects the minimum amount on which the minimum Social Security and National Insurance Trust ...
Uganda: Expands Social Security Coverage
On the 2nd of January 2022, the President of the Republic of Uganda, His Excellency General Yoweri Kaguta Museveni assented to the NSSF (Amendment) Bill 2021. Accordingly, the Bill became the NSSF (Amendment) Act, 2021. The NSSF (Amendment) Act shall ...
South Africa: Changes to Tax Laws for 2022/23
5 Things all Payroll Managers should know for the year ahead 1. Retirement fund tax changes Where a pensioner is in receipt of more than one source of income, a tax debt may occur at year-end when all income is aggregated. To assist in these ...
South Africa: 2021 Tax Acts
Publication of the 2021 Tax Acts Any intended amendments to primary legislation are announced by the Minister of Finance in his annual Budget Review. They are tabled by the Minister of Finance in the National Assembly as Amendment Bills and, after ...
Zimbabwe: Insurable Earnings Ceiling February 2022
Pension & Other Benefits Scheme (POBS) contributions insurable earnings ceiling for the month of February 2022: The calculation for the NSSA earnings ceiling effective 1 February 2022 is 75% of the previous month's TCPL for 5 people as follows: - ...
South Africa: South African Revenue Service Updates Interest Rate Tables
The South African Revenue Service (SARS) published updated interest rate tables on 18 January 2022, including: Table 1 - Interest rates charged on outstanding taxes, duties, and levies and interest rates payable in respect of refunds of tax on ...
South Africa: Budget Speech 2022
The Minister of Finance, Mr. Enoch Godongwana, will deliver his inaugural National Budget Speech on 23 February 2022. South Africans are invited to share their suggestions on the Budget. ...
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