Uknow Editorial – February 2018

Happy 2018! May this year be prosperous for you, your family and your business. This is certainly going to be an exciting year, with many challenges facing the country and its people, such as the drought here in the Western Cape, the fallout of financial scandals, investigations into corruption, etc. However, we are also hopeful for many changes that will benefit the people – may this year be a turning point for our country and businesses alike.

Two significant B-BBEE charters came into effect at the end of last year: the Amended Agri-BEE Sector Code and the Amended Construction Sector Code. Clients operating in these sectors would be wise to ascertain their business risk with regards to B-BBEE requirements and how these amended Codes will affect their status, as some significant changes have been made from the original Codes. Please contact us for a consultation should you need more information on how this will affect you.

The CIPC has issued Notice 48B-AR, announcing the final deregistration of all companies and close corporation that have defaulted on their annual return submissions and payments. Clients are urged to ascertain the compliance status of their companies in order to avoid having to restore the company or close corporation at very high cost and administration.

The Minister of Finance, Malusi Gigaba, will present the National Budget to Parliament on Wednesday, 21 February 2018. We will present an overview of the Budget and the practical implications of this on your business in our March newsletter.

For most taxpayers 28 February is the end of the tax year, and with this deadline there are many things to consider and attend to. One of the most significant of these is provisional tax, as the incorrect calculation or late payment may have severe consequences in harsh penalties. We include our annual article in this regard below.

As always, if you want to respond to or comment on any of our news items or other relevant information, please contact us at or 022 – 482 1169.

Warm regards until next month.

Oddette Boshoff

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