Eylem Mustafoff’s Post

Most benefits and expenses provided to employees and directors are taxable and liable to NI, however there are exceptions and exemptions. And actually, providing benefits exempt from income tax can be a great way to reward employees in a tax-efficient way. Deep dive into the details of providing tax-free benefits to employers: https://lnkd.in/eXAE8_tj #taxtips #smallbusinessowners

LATEST AMENDMENT OF SECTION 43B OF INCOME TAX ACT, 1961- WHICH aims to promote timely payments and support the economic welfare of Micro and Small businesses. The Finance Bill, 2023 introduced a significant amendment to the Income Tax Act, 1961 by adding a new clause (h) to Section 43B, which permits the deduction of expense paid to MSEs in line with Section 43B only when it abides by the time limit specified in Section 15 of the MSMED Act 2006, which is:   If there is no agreement than within 15 days of invoice. If agreement specifies days, then payment is to be made within those days of Invoice or 45 days which ever is earlier.   It is evident that the amended provisions will exclusively apply to micro and small enterprises. Medium enterprises are explicitly excluded from the scope of these provisions.

The practice of conceding #tax incentives without due regard to the opportunity cost of such concessions, combined with the deleterious effects of #illicitfinancialflows, contributes to the loss of much needed #resources that could be invested in the realization of the #economic, #social and #cultural #rights of the #citizens of #EastAfrica...The region is estimated to lose between US$1.5 billion and US$2 billion annually through #taxincentives ... East African Tax and Governance Network research finds that the #revenues thus lost would have quadrupled the #Kenyan social security budget, increased it five-fold in #Uganda, and increased seven-fold #Rwanda’s water sector budget.

Different year with same tax burden applied on existing tax payers. Need to expand tax base to bring non fiker into the net for broadening the tax revenue. Informative session from @ICAP while bringing all the expert on single platform. #ICAP #PostBudgetConference2024 #Taxation #Budget2024

The S12H Tax Incentive is going to be around for another three years - which is great news for companies that are using this (and other rebates / incentives / grants) to zero cost their training. How do you maximise the money you get back for your Mandatory and Discretionary Grants? How do you claim your full S12H Tax Rebate? To find out how you can run your training at zero cost, work out how much you can claim AND to download our practical Rebate Calculator watch our most recent vlog at: https://lnkd.in/dfE8RP5A #WSP #ATR #discretionarygrants #BBBEE #humanresources #skillsdevelopment

🚨 June 2024 Tax Deadlines Alert! 🚨 📅 Mark your calendars: 5 June: Tax return lodgments for certain entities. 21 June: May 2024 business activity statement due. 25 June: Lodge 2024 Fringe Benefits Tax annual return. 30 June: Super guarantee contributions deadline for tax deduction and 2022-23 tax returns for Child Care Subsidy & Family Tax Benefit recipients. Stay compliant and avoid penalties! #TaxTime #June2024 #TaxDeadlines #RegisteredAgents #TaxAccountants #ATO #Newstead

New #tax regime: #Taxpayers to get #additional #benefits from NPS; #check what has #changed in #Budget 2024 – #Agency Budget increases tax deduction on employers' contribution to #NPS to 14%NPS in the new tax regime: Experts believe these changes reflect a forward-thinking approach to improving the financial well-being of employees both immediately and in the long termNPS https://lnkd.in/e-MaqBbM #newnpsplan #NewNPSrules #npsbudget #NPSBudgetNews #NPSbudgetpercent #NPSEmployerContributionTaxBenefitsSection #regime

🏘️ What are the tax implications of being a non-resident landlord? Find out here the implications of becoming a non-resident landlord as the rules currently apply 👇 https://lnkd.in/e_g8pEfp #tax #property

There is a lot of information online and among traveler groups and forums that claim traveling 50 miles for work is automatically considered acceptable by the IRS to keep your stipends tax-free. This is not an IRS rule but more of a guideline. Generally, to be safe, a travel assignment requires an overnight stay. If you have questions about your tax home, book a general tax-home consultation with us to ensure you do not forfeit your tax-free stipends come tax season. - #travelnurse #travelnurses #travelingnurse #taxpreparation #taxadvice #taxtips #financialtips #travelnursetax #travelnurselife #taxes #taxexperts #financialsuccess #financialhealth

⚠️ Tax Alert ⚠️ The Tax Relief for American Families and Workers Act of 2024 proposes to abruptly terminate the Employee Retention Credit program effective January 31, 2024. As of today, employers can still submit 2020 ERC claims through April 15, 2024 and 2021 claims through April 15, 2025. However, if this tax package is passed, claims will not be allowed to be submitted after January 31, 2024. Learn more about this update: https://ow.ly/oNir30sznKf Our tax credit experts are here to help. Reach out today. #IRS #ERC #BusinessOwners