PKF Port Elizabeth



01 07 2016


We have recently become aware of an increased level of audits being conducted by the South African Revenue Service (‘SARS’) in relation to taxpayers’ obligations in terms of the Skills Development Levies Act, 9 of 1999 (‘SDL Act’).  The focus appears to be specifically on non-compliant taxpayers who fail to register as required in terms of section 5 of the SDL Act, and therefore for these employers to pay the requisite levy over to SARS.  The problem is perhaps amplified thereby that the skills development levy is often considered an ‘unimportant’ tax by taxpayers (primarily due to it being less costly compared to for example VAT or income tax).  Compliance with the SDL Act is therefore not a top priority to taxpayers, with the effect that taxpayers are also not apprised of their rights and obligations in terms of this Act when confronted by SARS to register and settle an ostensible skills development levy obligation.

01 07 2016


The solvency and liquidity test in section 4 of the Companies Act, 71 of 2008, presents arguably one of the most important requirements of that Act. Without satisfying this test, a company cannot declare dividends, cannot provide loans and other forms of financial assistance to directors or to prospective shareholders to enable the latter to subscribe for shares in the company, to name but a few examples. Where directors act in contravention of the prohibition in considering whether a company may enter into a transaction, they may be held personally liable for damages or losses suffered as a result (see section 77(3)(e)).

01 07 2016


For income tax purposes and in terms of section 11(a) of the Income Tax Act, 58 of 1962, expenditure is deductible from income to the extent that the expenditure in question has been actually incurred for the purposes of trade and in the production of income, such expenditure not being of a capital nature.  Income as used in the above sense is a reference to ‘income’ as defined in the Income Tax Act.  Briefly, ‘income’ comprises ‘gross income’ less ‘exempt’ income (such as dividend receipts for example).  It follows therefore that expenditure incurred to produce tax exempt income is not deductible for income tax purposes.

11 04 2016

Corporate Ironman 2016

PKF sponsored the water point on the run leg of the Corporate Ironman triathlon and had 3 teams and one individual competing on the day.

18 03 2016

PKF Trainees achieve 100% pass rate in Board Exam Results

The results for the Part One and the Part Two SAICA board exams were released on Friday, 18 March 2016. ALL of PKF PE's trainees passed.

16 03 2016

NMB Business Chamber Golf Day 2016

PKF sponsored a tee at yesterday's Nelson Mandela Bay Business Chamber's Annual Golf Day. We also had a four ball taking part on the day.

08 03 2016

PKF Football Club Results

Tuesday evening saw PKF FC play its first League game against, NUTMEG FC, a well-established team in the 5 a side league.

01 03 2016

PKF Budget Update Breakfast 2016

PKF, in conjunction with Efficient Advise, hosted their annual budget and economic update breakfast on 1 March 2016, at the Hellenic Hall.

24 02 2016

PKF SA Tax Guide 2016-2017

PKF had a team of staff on stand by to put through the changes to the annual PKF tax guide straight after Pravin Gordhan's budget speech on 24 February 2016. The booklet was delivered hot off the press the very next morning.

03 02 2016

2016 New Trainees

The week started off with a bang where we welcomed a total of 25 new trainees to the firm. 20 of these will be completing their SAICA articles, and the remaining 5 are set to follow the SAIPA route.

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