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Insights

IFRS Viewpoint IFRS Viewpoint: Accounting for cryptocurrencies
The popularity of cryptocurrencies has soared in recent years, but they do not fit easily within IFRS’ financial reporting structure. For example, an approach of accounting for holdings of cryptocurrencies at fair value through profit or loss may seem intuitive but is incompatible with the requirements of IFRS in most circumstances.
E-TAXLINE The transition from a 14% to 15% VAT rate
The South African Minister of Finance (at the time), Malusi Gigaba introduced an amended Value-Added Tax (VAT) rate on 21 February 2018 in the annual Budget speech. The increase is lower than predicted from 14% to 15% with an effective date 1 April 2018. From the effective date, 1 April 2018, vendors will have to ensure that they comply with the change in rate. Vendors should carefully consider the complexities that could arise in system set-ups and complex transactions.
e-taxline Alert Extending the clamp down on trusts
Section 7C clampdown on trusts extended.
e-taxline Alert SARS gives guidance for CbC Reporting
SARS has published guidance on the submission of the relevant returns.
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News

09 Jul 2018

Grant Thornton concludes integration discussions in South Africa

Discussions between the separate Grant Thornton member firms in South Africa regarding integration with SNG Grant Thornton have now concluded.

26 Apr 2018

Grant Thornton comments on Stats SA’s Tourism arrival stats for 2017

Stats SA released the 2017 tourism arrival statistics this afternoon. For the 12 months, South Africa welcomed 10,29 million foreign tourists (visitors who stayed overnight) in 2017. This is up only 2,4% over 2016.

26 Apr 2018

KZN North Coast tourism shows steady growth – even amid weak economy

Tourism to the KwaZulu-Natal North Coast has increased by 9% over the past three years and contributed in excess of R3 billion to the gross domestic product (GDP) of iLembe District Municipality for the period March 2017 to February 2018.

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