- Upcoming tax year-end for our payroll clients in the following African tax authorities:
- Namibia – February
- Lesotho – March
- South African 2023 tax year-end submission is approaching, so make sure all your HR, payroll and tax departments are in order and meeting the requirements for this frantic period. We are always available to assist with any compliancy queries. View the complete list here that we send out to our payroll clients, which includes statutory requirement reminders.
- Skills development levy (SDL) planning begins in January each year and submissions are to be done by April. We have a great article written by our head of HR, Nicky Hardwick, which takes you through frequently asked SDL questions. Alternatively, view our SDL services here or contact our HR department for more.
- Return of Earnings (ROE) submission to the Department of Labour is due on or before the 31st March 2023. This is legislated under the: COMPENSATION FOR OCCUPATIONAL INJURIES AND DISEASES ACT (NO. 30 OF 1993). View our COIDA fact sheet together with pricing here.
- The South African Reserve Bank’s Monetary Policy Committee (MPC) has decided to raise the Repo Rate by 25 basis points with effect from the 26th January 2023. This is the first rate hike this year and brings the Repo Rate to 7.25%. The prime lending rate of commercial banks will increase to 10.75%. The SARS ‘official rate of interest’ is defined in section 1(1) of the Income Tax Act 58 of 1962 (the Act). Where a loan is obtained by an employee from his or her employer in terms of which no interest is payable or where the interest payable is less than the ‘official rate of interest’, the difference between the amount which would have been payable if the loan was granted at the official rate and the amount actually paid by the employee, is taxed as a fringe benefit. This ‘official rate of interest’ is the rate of interest that is equal to the Repo Rate, plus 100 basis points (1%). This rate will therefore be adjusted to 8.25% as of the 1st February 2023.
- HRTorQue hosts a variety of weekly, online HR-focused mini workshops, covering various topics to assist and guide your managers to perform more optimally in their positions. View the list of trainings available or email us for more information.