WHATS New in Paymaster
Please read more on the new features and enhancements to the system for the week of 12 August 2022.
Click on the link for more information regarding:
- Custom forms | Adding ability to create libraries
- New Leave Setting | Force attachment within 8 week cycle
- Cameroon | Country Audit – Fringe Benefit Periodic tax calc
- South Africa | Frequency Consolidation of Tax Submission File
eSwatini - Official Interest Rate
From the Team
Where a loan is granted interest-free or less than the official rate to an employee, either by the employer or a lending institution, the taxable benefit is the whole amount of interest or the difference between the official rate and the subsidised rate.
Effective 23 July 2022, the Bank Rate is 5%.
Click here to view the Monetary Policy Statement published by the Central Bank of eSwatini, announcing the official interest rate.
- The new rate has been implemented on the system effective 01 August 2022.
- No other statutory changes have been announced.
- All eSwatini payrolls have been recalculated.
Mauritius - Annual Tax Changes
From the Team
The Finance (Miscellaneous Provisions) Act 2022 came into force on 2 August 2022 and amended several statutory legislations to provide for the implementation of the measures announced in the financial budget 2022-2023. The following measures shall be deemed to have come into operation in respect of the income year commencing on 1 July 2022:
- As per Section 31 (x) of the Finance Act, amending the First Schedule to the Income Tax Act, an individual earning annual net income –
of up to Rs 700,000 will be taxed at the rate of 10%
- above Rs 700,000 and not exceeding Rs 975,000 will be taxed at the rate of 12,5%
- above Rs 975 000 will be taxed at the rate of 15%
As per Section 31 (y)(i) of the Finance Act, amending the Second Schedule Part II Sub-Part A to the Income Tax Act, the maximum allowable deduction for petrol or travelling allowance paid to an eligible employee using his private car for the performance of his duties will be increased from Rs 11,500 to Rs 20,000.
Click here to access the Finance Act.
Annual Tax Changes
Summary of Annual Tax Changes:
1) New Tax Rates
2) Petrol or Travel Allowance
The maximum allowable deduction for petrol or traveling allowance paid to an eligible employee using his private car for the performance of his duties has been increased from Rs 11,500 to Rs 20,000.
- The new tax rates and petrol/travel allowable limit have been implemented on the system effective 1 August 2022.
- Customers are reminded to migrate to the Cumulative Tax Method as from July 2022.
- All Mauritius payrolls have been recalculated.
Click here for the previous NewsFlash