#14 NEWSLETTER

Recent Legislation

 

Warning 1/18 (BNA): Establishes the limit of the foreign exchange position of the Commercial Banks and its calculation base

 

Instruction 3/18 (BNA): Reference foreign exchange rate - Calculation methodology

 

Presidential Decree 56/18: Establishes the exemption regime and the simplification of the administrative procedures to obtain a tourist visa

 

Other matters: Due to the taking of the office of the new Government, most of the legislation published relates to that and can be consulted in the several Official Gazettes published
Tax Calendar February - March
Tax Deadline Description Return

CIT - Withholding Tax (II) 28/02/2018
30/03/2018
  Assessment and payment of the tax withheld on services paid in the previous month   (i)

Real Estate Income Tax
(IPU)
28/02/2018
30/03/2018
  Assessment and payment of the tax withheld on rents paid in the previous month   (i)

Stamp Tax (IS) 28/02/2018
30/03/2018
  Payment of the IS assessed in the last month, being the most relevant one the 1% IS due on invoices/receipts issued in the previous months related to invoices received   (i)

Investment Income Tax (IAC) 28/02/2018
30/03/2018
  If any IAC on income liable to the
same was assessed/withheld in the previous month, the tax should be paid this month
  (i)

Consumption Tax (IC) 28/02/2018
30/03/2018
  Payment of the IC assessed in
all the invoices received last month for services rendered and in goods produced and sold last month (IC is assessed on cost of goods produced)
  (i)

Employment income Tax
(IRT)
28/02/2018
30/03/2018
  Payment of the IRT withheld on the remuneration and fees paid to, respectively, employees and self-employees last month.   (i)

Employment income Tax
(IRT)
28/02/2018   Filing of the Modelo 2 tax return, disclosing all the remuneration and fees paid to, respectively, employees and self-employees last year.    

Employment income Tax
(IRT)
31/03/2018   Filing of the annual tax return, “Modelo 1”, for Group B taxpayers and payment of any tax due.   (i)

Social Security (SS) 09/02/2018
09/03/2018
  Payment of the SS assessed (8%) and withheld (3%) to the employees last month.   (ii)

Companies’ Law 31/03/2018   Approval by the shareholders of the annual accounts prepared by the companies’ directors    

(i) Payment Return (DLI)
(ii) Remuneration Schedule and Payment Letter
Nota: Values in foreign currency are converted to local currency using the average exchange rate of the last quarter

Other Relevant Information

Foreign Exchange Rates (01/03/2018)

Currency Buy Sell

ZAR 18,208 18,272

EUR 261,650 262,306

USD 214,643 215,093

Barrel Oil Price

Brent    

$65.78    -0.85    -1.29%

2018.02.28 end-of-day

Source: Ministry of Finance

Inflation

Month Monthly Accumulated Year-on-Year Change  

January 1,39 1,39 25,15

December 1,13 26,26 26,26

November 1,02 24,85 27,56

Source: BNA

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