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Monday 08:00 - 17:00 Tuesday 08:00 - 17:00 Wednesday 08:00 - 17:00 Thursday 08:00 - 17:00 Friday 08:00 - 17:00

VEVA Consultants, 670 Turf Street, Pretoria East (2026)

03/06/2026

📊 480 Data Points. Three Interconnected Sections. One Deadline. Have You Started?

The GloBE Information Return is unlike any compliance document your tax team has prepared before. Traditional tax returns report what you owe. The GIR reports how you calculated it - in granular, auditable detail across every jurisdiction where your group operates.

The data challenge most groups are not talking about:
• Entity-level P&L data before consolidation eliminations - financial data at a granularity most finance systems have never been asked to produce
• Payroll by constituent entity and jurisdiction - required for the Substance-Based Income Exclusion calculation
• Tangible asset data by constituent entity - separate from the group fixed asset register
• Deferred tax tracked by DTL category - not the standard IFRS 12-month reversal approach
• Approximately 480 data points across three interconnected sections - ETR calculations for every jurisdiction

The SARS eFiling GloBE functionality launched on 16 March 2026. Groups with December 2024 year-ends have until 30 June 2026 to submit. This information will be automatically exchanged between tax authorities - SARS will see your global picture, and so will every other implementing jurisdiction.

Most groups spent 2024 and 2025 watching. The window to act is now.

📩 [email protected] | 083 357 5129 | https://veva-con.co.za

02/06/2026

🌍 15%. That is the Global Minimum Effective Tax Rate. Is Your Group Above It?

The OECD's Pillar Two GloBE Rules impose a 15% global minimum effective tax rate on in-scope multinational groups. South Africa has implemented the framework through the Global Minimum Tax Act 46 of 2024, with three key mechanisms:
• Income Inclusion Rule (IIR): SA parent entities pay top-up tax on low-taxed income earned by foreign subsidiaries where the effective tax rate in that jurisdiction falls below 15%
• Qualified Domestic Minimum Top-up Tax (QDMTT): SARS collects top-up tax from in-scope constituent entities operating in South Africa where SA profits are taxed at an effective rate below 15%
• No UTPR in SA: South Africa has expressly excluded Articles 2.4–2.6 of the Model Rules - SA entities will not face domestic UTPR charges. However, other implementing jurisdictions may levy UTPR on SA-source profits

The effective tax rate calculation under GloBE is not the same as your statutory corporate tax rate. It requires a jurisdiction-by-jurisdiction calculation of GloBE Income and GloBE Covered Tax Expense - adjusted for deferred taxes, substance-based income exclusions, and various elections.

Don't assume your group is below the threshold until you have done the calculation.

📩 [email protected] | 083 357 5129 | https://veva-con.co.za

01/06/2026

🚨 30 JUNE 2026: The First GloBE Information Return Is Due.

For South African MNE groups with December 2024 financial year-ends, the first GloBE Information Return (GIR) must be filed with SARS via eFiling by 30 June 2026. Any top-up tax liability is also payable on the same date.

The Global Minimum Tax Act 46 of 2024 and Global Minimum Tax Administration Act 47 of 2024 apply retroactively to years of assessment beginning on or after 1 January 2024.

Who is in scope:
• MNE groups with consolidated annual revenues of at least €750 million (approximately R15.3 billion) in at least two of the four preceding financial years
• SA-parented groups with foreign subsidiaries paying below 15% effective tax rate
• SA subsidiaries of foreign MNE groups are required to file if no Qualifying Competent Authority Agreement exists with the UPE's jurisdiction
Penalties for non-compliance:
• R50,000 per month per constituent entity for failure to notify or file
• Doubles to R100,000 per month if unpaid top-up tax exceeds R5 million
• Triples to R150,000 per month if unpaid top-up tax exceeds R10 million
• Records must be retained for seven years which is extended from the standard five under the TAA

📩 [email protected] | 083 357 5129 | https://veva-con.co.za

27/05/2026

✈️ Your SA Tax Obligation Didn't Leave With You.
South African tax residents working abroad remain liable for South African income tax on all worldwide income. Section 10(1)(o)(ii) of the Income Tax Act provides an exemption for qualifying foreign employment income -but only up to R1.25 million per year. The cap has been frozen since 1 March 2020, and inflation has eroded its real value by approximately 30%.

For South Africans working in zero-tax jurisdictions such as the UAE, Saudi Arabia or Bahrain, income above R1.25 million is taxed at the full South African marginal rate -up to 45% -with no foreign tax credit available because no foreign tax was paid. On a R3 million salary, the estimated SA tax liability after the exemption is approximately R685,000.

Qualifying conditions for the section 10(1)(o)(ii) exemption:
• More than 183 days outside South Africa in any 12-month period
• At least 60 of those days must be consecutive
• Services must be rendered as an employee outside SA
• Maximum exempt: R1.25 million -any excess is fully taxable in South Africa

Tax emigration and the exit tax:
• Formal tax emigration is processed through SARS via the RAV01 form on eFiling -SARB's old financial emigration process was replaced on 1 March 2021
• Ceasing SA tax residency triggers section 9H -a deemed disposal of all worldwide assets (excluding SA immovable property) at market value on the date of cessation
• A three-year lock-up applies before retirement fund lump sums can be accessed after emigration
• Only approximately 38,000 of an estimated 915,000 South Africans abroad have completed the new process

SARS receives financial account data from over 100 jurisdictions under the Common Reporting Standard (CRS). Foreign bank accounts, investment portfolios and trust interests are visible. Undisclosed foreign income is a diminishing option.

Don't wait for an audit. Get your expat tax position right before SARS finds it.

📩 [email protected] | 083 357 5129 | https://veva-con.co.za

26/05/2026

⚠️ EMP501 DEADLINE: 31 MAY 2026. Are You Reconciled?

The SARS Employer Annual Reconciliation period runs from 1 April to 31 May 2026. Every employer must submit the EMP501 reconciliation for the period 1 March 2025 to 28 February 2026, issue IRP5/IT3(a) tax certificates to all employees, and ensure all employee Tax Reference Numbers are valid.

From the 2026 season, SARS rejects EMP501 submissions without valid TRNs for all employees -the previous grace period has ended. Employers with 50 or more employees must use e@syFile™ Employer Version 8.0.

Key dates:
• Submission period opens: 1 April 2026
• IRP5 certificates to current employees: within 60 days of 28 February (approximately by 29 April 2026)
• IRP5 on termination: within 14 days of the employee's last day
• Final EMP501 deadline: 31 May 2026 -no extensions
Penalties for late or non-submission:
• 1% of annual PAYE liability per month late -up to 10% maximum (on R5M annual PAYE, that is R50,000 per month)
• Administrative penalty of up to R16,000 per month under sections 210–211 of the Tax Administration Act
• Penalties recur for up to 48 months
• Wilful non-submission is a criminal offence carrying fines or imprisonment of up to two years

An inaccurate EMP501 also cascades into the individual employees' personal income tax assessments -creating audit risk across your entire workforce's tax profiles.

Let VEVA handle your EMP501 reconciliation correctly, completely and on time.

📩 [email protected] | 073 671 2163 | https://veva-con.co.za

25/05/2026

🖼️ Your Collection. Zero CGT. If Done Right.

Paragraph 53 of the Eighth Schedule to the Income Tax Act provides a complete capital gains tax exemption -with no monetary cap -on the disposal of personal-use assets by natural persons and special trusts. Fine art, luxury watches, wine, jewellery, antiques and collectables all qualify.

This is one of the most powerful and least-discussed CGT exemptions in South African tax law. But the exemption is fragile, and incorrect structuring destroys it entirely.

What qualifies as a personal-use asset:

• Fine art, paintings and sculptures

• Luxury watches worn and enjoyed personally

• Fine wine consumed or held for personal enjoyment

• Jewellery, antiques, stamp and coin collections (excluding Krugerrands)

• Household effects, private motor vehicles, small boats (up to 10 metres)

What is excluded from the exemption (no matter how it is used):

• Immovable property -always excluded

• Financial instruments -shares, bonds, derivatives

• Krugerrands and gold/platinum coins are valued mainly for their metal content

• Boats over 10 metres and aircraft over 450 kg empty mass

Critical conditions and traps:

• The asset must be used mainly for personal enjoyment -more than 50% of the time

• Assets held in an ordinary discretionary trust or company do NOT qualify -the exemption is confined to natural persons and special trusts

• Once an asset ceases to be a personal-use asset (e.g., placed in commercial storage as an investment), paragraph 12(2)(d) triggers a deemed disposal at market value

• If SARS treats you as a dealer, all gains are fully taxable as revenue at up to 45%

The CGT exemption on your collection is real -but only if your structure and documentation support it.

📩 [email protected] | 083 357 5129 | https://veva-con.co.za

20/05/2026

📊 What Is Your Business Actually Worth? The Answer Has Multi-Million Rand Consequences.

For most business owners, the enterprise represents 70–90% of total net worth - yet many have never had it independently and formally valued. An incorrect valuation in a business sale, divorce settlement, estate or BEE transaction can cost you millions. And under the Companies Act, 71 of 2008, independent valuations are legally required in multiple scenarios.

When a formal valuation is legally required or commercially essential:
• Mergers & Acquisitions: section 114 independent expert report required for schemes of arrangement
• Dissenting shareholders: section 164 appraisal rights -the company must pay 'fair value' determined independently
• Estate duty: SARS Commissioner approval required for unlisted share valuations at death (submit to [email protected])
• BEE transactions: B-BBEE Commission registration required for transactions of R25 million or more within 15 days
• Divorce: business interests must be valued for division under accrual or community of property regimes
• Buy-sell agreements: pre-agreed valuation methodology protects all shareholders on trigger events
Valuation methodologies applied:
• Income approach: discounted cash flow (DCF) and earnings capitalisation -preferred for going concerns
• Market approach: comparable transaction multiples -EV/EBITDA and EV/Revenue benchmarking
• Asset approach: net asset value adjusted for fair value of underlying assets and liabilities
• IPEV Guidelines (December 2025 edition): applicable for private equity and venture-backed entities from 1 April 2026
Knowing the value of your business is not a luxury. It is the foundation of every major financial decision you will make.

📩 [email protected] | 083 357 5129 | https://veva-con.co.za

19/05/2026

🏦 Before You Withdraw From Your Savings Pot - Consider the Tax.

The two-pot retirement system (effective 1 September 2024) gave retirement fund members access to their savings pot -one-third of new contributions - through a single annual withdrawal. Between September 2024 and February 2026, R79.3 billion was approved for withdrawal, with R21.4 billion paid to SARS in tax.

Every savings pot withdrawal is taxed at your full marginal income tax rate - up to 45%. At that rate, a R200,000 withdrawal costs R90,000 in tax. There is a smarter way.

How the three pots work:
• Vested pot: pre-September 2024 balances - old rules apply, preserved until resignation or retirement
• Savings pot: one-third of new contributions - one withdrawal per year, minimum R2,000, taxed at marginal rate
• Retirement pot: two-thirds of new contributions - locked until retirement, must be annuitised, benefits from section 10C exemption

Strategic opportunities:
• Section 11F: contribute up to 27.5% of taxable income (capped at R350,000) - deliberate over-contributions create tax-free retirement income under section 10C
• Timing: delay savings pot withdrawals to lower-income years -retirement, extended leave, or retrenchment
• SARS debt set-off: SARS intercepts withdrawals to settle outstanding tax debt before payment - clear your tax profile first
• Section 10C: unused disallowed contributions roll forward and create an income exclusion at retirement

Before you withdraw, talk to us. The decision you make today determines the tax bill you receive tomorrow.

📩 [email protected] | 083 357 5129 | https://veva-con.co.za

18/05/2026

🎁 Give R150,000 Tax-Free This Year. The First Increase in 19 Years.
Section 56(2)(b) of the Income Tax Act raises the annual donations tax exemption to R150,000 per natural person from 1 March 2026, the first increase since 2007. A married couple can now donate R300,000 tax-free per year to children, family members or structures outside the estate.

Over ten years, disciplined gifting transfers R3 million outside your estate with zero donations tax. Combined with the unlimited section 56(1)(b) spousal exemption (now restricted to resident spouses only under 2026 Budget changes), strategic giving is one of the simplest and most cost-effective tools in the estate planning toolkit.

Donations tax quick reference:
• Annual exemption per natural person: R150,000 (from 1 March 2026; was R100,000)
• Donations tax rate: 20% on cumulative taxable donations up to R30 million; 25% above R30 million
• Spousal donations: unlimited exemption, but now restricted to resident spouses only
• Section 18A donations to approved PBOs: 100% deductible against taxable income
• IT144 donation declaration: now filed digitally via SARS Online Query System
• Payment due: last day of the month following the month in which the donation is made

Important caveat: Funding a trust by donation, then lending the money back at below-market interest rates, triggers section 7C.

Always get advice before structuring.

Generous giving and smart tax planning are not mutually exclusive.

📩 [email protected] | 083 357 5129 | https://veva-con.co.za

13/05/2026

🏛️ R3.5 Million. Frozen Since 2008. Your Estate is Paying the Price.
The primary abatement under section 4A of the Estate Duty Act, 45 of 1955 has not been adjusted since 2008 — 17 years of inflation has eroded its real value by more than 65%. Meanwhile, estate duty rates remain at 20% on the first R30 million and 25% above R30 million, with combined estate duty and CGT on death potentially reaching an effective rate of 35–40% on appreciated assets.

The 2026 Budget increased the death CGT exclusion from R300,000 to R440,000 (from 1 March 2026) and the primary residence CGT exclusion to R3 million, but made no changes to estate duty thresholds or rates.

Key planning tools:
• Section 4(q): unlimited deduction for property accruing to surviving spouse — eliminates estate duty on first death
• Section 9H / exit CGT: deemed disposal at market value on death triggers CGT — but only R440,000 excluded
• Life insurance owned by an irrevocable trust falls outside the dutiable estate entirely
• Section 18A bequests to approved PBOs are 100% deductible from the dutiable estate
• Annual donations of R150,000 per person (from 1 March 2026) remove wealth from the estate over time

For a R50 million estate with no planning: estate duty of approximately R10.5 million plus CGT on death of up to R9 million — a combined tax cost approaching R20 million.
The best time to plan your estate was 10 years ago. The second best time is now.

📩 [email protected] | 083 357 5129 | https://veva-con.co.za

VEVA Consultants

03/06/2026

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25/05/2026

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Monday	08:00 - 17:00
Tuesday	08:00 - 17:00
Wednesday	08:00 - 17:00
Thursday	08:00 - 17:00
Friday	08:00 - 17:00