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Thursday, 21 February, 2019
Quote of the week
"If we look after what we sow, and what we have ploughed and laboured over so tirelessly, since the founding of our democracy, it will grow and the seed will bear fruit. However, if we abandon our fields, the seeds we plant will wither."
- Finance Minister Tito Mboweni
Comment of the week
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Budget Speech 2019, Tax compliance, PBOs and their donors
In the 2019 State of the Nation Address, our President set out an ambitious agenda for our nation. It is an agenda that speaks to the South Africa that we can be. It is a task list for all of us. It lays out a series of interventions that will put South Africa on a bold new path.
Finance Minister Tito Mboweni delivered his maiden Budget speech in Parliament on Wednesday.
Today, I submit before this august House the National Budget. It reflects, to the best of my judgment, the nation’s financial situation. It is in the interest of our people and our country, and not in the narrow objectives of any political party. It is to safeguard the sound financial status of the Republic. I do this in my role as Minister of Finance, performing my fiduciary responsibility as the guardian of the nation’s finances.
Today, I hereby table:
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South Africa’s Public Benefit Organisations (PBOs) do invaluable work uplifting communities and benefiting underprivileged people across our country. Sadly, most of these entities do not have the resources to ensure that they are fully tax compliant.
However, the tax status of a SARS approved Public Benefit Organisation (PBO) is crucial to its ability to raise funds and attract donors, who along with wanting to be philanthropic, are attracted by the tax deductions that come with donations to such organisations.
Once a charitable or community organisation is no longer tax compliant, it may become liable to pay income tax on the money that it receives. Therefore, an organisation that considers itself a charity can fall foul of our tax laws, often without even realising.
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