SARS faces underfunding of R9-billion

The South African Revenue Service faces underfunding of R9-billion over the next three years while the institutional rebuilding after State Capture continues, says tax boss Edward Kieswetter. Read the full article here.

A Quick Guide to Accounting For Cryptocurrency

How should your business record cryptocurrency and other digital assets in its ledger? Here’s a guide to accounting for cryptocurrency under the current standards. Read the full article here.

Blockchain: Opportunity to Improve Financial Reporting and Corporate Governance

This paper explains how Blockchain technology and cryptocurrency could be enhancing the financial reporting process, and therefore improve corporate governance model of transparency and monitoring.  Download the full academic paper here.

How the US taxes its cannabis industry 

As medicinal and recreational adult use of cannabis is legalized in more and more states, understanding how it’s taxed becomes more and more important for tax and accounting professionals. Listen to a podcast covering this topic here.

South Africa lays out a road map for hemp and marijuana

South Africa could have a hemp program in place by 2023 under a recently released draft National Cannabis Master Plan (NCMP) that sees the plant as a potential economic driver that can lift up small-scale growers from poverty stricken areas of the country. Read the full article here.

Make use of cannabis tax gold mine, say accountants

SA could be sitting on a tax revenue gold mine if it exploited the massive and untapped market for recreational cannabis consumption locally and globally. Read the full article here.

Three tips to make tax year-end easier for small business owners

By Viresh Harduth, Vice President, Small Business, Sage Africa & Middle East Many small business owners have their hands full with tax paperwork. If you’re one of them, the admin probably ranks low on the list of your favourite things to do. However, filing accurate tax returns and meeting the South African Revenue Service (SARS) deadlines […]

Full Zondo Commission of Enquiry into State Capture report

The entire 874 page report into the systemic rot that led to State Capture during the Zuma years, including the failures of the audit and accounting professions.

The Big Four Auditing Firms Implicated in State Capture

Judge Zondo has found that the ‘Big Four’ audit firms — Deloitte, EY, KPMG and PwC — all play a systemic role in economic crimes and State Capture. The evidence suggests that these firms have prioritised profit over professional duties and the law. 

Insights on the Amendments to the Cancellation of Contracts under the Tax Act

Parties wishing to cancel a contract should try to do so within the same year of assessment as it was entered into, to avoid adverse cash-flow consequences.