Latest News

October 5, 2018

Valuable insights at the Alliott Africa Conference 2018

MMS Group’s directors recently attended the Alliott Africa Conference at Emperors Palace. The Alliott Group, with whom we proudly associate, is an International Alliance of Accounting and Law Firms. The […]
October 4, 2018

Administrative penalties for Corporate Income Tax (CIT) to be imposed

SARS will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns. Administrative penalties will be imposed on companies that receive a final demand to submit […]
August 17, 2018

Celebrate women this month!

In one of the largest demonstrations staged in this country’s history, 20 000 women of all races marched to Pretoria’s Union Buildings on 9 August 1956, to present a petition […]
August 17, 2018

How to survive a SARS audit?

You have submitted your annual tax return and sigh a sigh of relieve as you sit back and plan how you will be spending your SARS refund. BUT WAIT! WHAT?! […]
August 17, 2018

Does my company need to file in iXBRL?

The Companies and Intellectual Property Commission (CIPC) has mandated that from the 1st of July 2018 all qualifying entities will be required to submit their annual financial statements through iXBRL […]
July 12, 2018

Changing banking details with SARS

In order to prevent fraud, the South African Revenue Service (“SARS”) requires confirmation of new or any changes to existing banking details and will only process any refunds due once […]
July 12, 2018

IFRS 15 – Revenue from contracts with customers

IFRS 15 recently became effective for financial periods beginning on or after 1 January 2018. IFRS 15 is only applicable to entities that have implemented International Financial Reporting Standards as […]
July 12, 2018

Medical scheme fees tax credit

Section 6A of the Income Tax Act[1] provides for a medical scheme fees tax credit (“MTC”), or rebate, which reduces the amount of income tax payable by a natural person […]
July 12, 2018

Don’t be insane – Make a change!

“Insanity – Doing the same thing repeatedly and expecting a different result” – Albert Einstein Cash flow can be a big challenge for any business. Does the following scenarios sound […]
June 26, 2018

Don’t delay, submit your 2018 Income Tax Return!

Annual Tax season is here, and Income Tax return submissions starts on the 1st of July 2018. We’ve taken the liberty of answering frequently asked questions individuals may have. The […]
May 30, 2017

Should you be looking at a tax-deductible Section 12J investment?

Section 12J (Venture capital investments) came into operation on 1 July 2009, and in the current market environment, alternative investments are attracting a lot of attention. Venture capital companies (VCC) […]
May 30, 2017

King IV™ Applicability of The Code™:

King IV™ is voluntary applied, on an Apply and Explain basis. It applies to all organisations, regardless of their form of incorporation. It is structured as a Report that includes […]
May 16, 2017

Non-Executive Directors (NEDs): Have you registered for VAT?

SARS recently published two Binding General Rulings (number 40 and 41) that have put the tax treatment of non-executive director’s fees to bed, which will come in effect on 1 […]
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