Empowering Business: Rights and Responsibilit...
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Important Deadlines for Businesses
Back at work and already drowning with tasks and things you have to remember? Well, be sure not to miss out on any deadlines since it could lead to much bigger problems for your company this year.
Here are 4 deadlines you need to keep in mind for 2023:
JANUARY TAX DEADLINE: SARS has warned taxpayers that the filing season for provisional taxpayers ends on 23 January 2023. SARS encourages taxpayers to use the revenue collector’s eFiling or the SARS MobiApp, which is a convenient and safe online method to transact with the revenue service.
AVERAGE SALARY INCREASE: South African employers are considering increasing pay by an average of 6.1% in 2023 to try to attract and retain staff amid high inflation and a challenging labour market. Based on the latest average salary data from Statistics South Africa (StatsSA), the average salary is now R24,813 a month or R297,756 annually. If one were to earn the average salary and see a 6.1% increase, they would have an extra R18,000 in their pockets at the end of the year - or R1,500 more every month.
RATE HIKES: The latest 75 basis point hike in November 2022, saw the repo rate be taken to 7.00% and the prime lending rate to 10.50%. According to the Bureau for Economic Research (BER), actions by the SARB indicate that the policy rate will likely be taken up again by 25bps at its first meeting, scheduled for 26 January 2023 - taking it to 7.25%. As a result, the central bank’s stance may cause financial strain for consumers with debt for an extended period.
CHANGES TO BEE LAW: The South African market is familiar with the 80/20 or 90/10 scoring system; the 90/10 points allocation must be used for tenders’ worth over R50 million.2022 Regulations still require organs of state to apply the ‘80/20’ or ‘90/10’ Price/Preference Points scoring method to each government tender. The Draft Public Procurement Bill will be finalised and submitted to Parliament by March 2023.
For any more information, advice or guidance, please do not hesitate to contact me. Welcome!
