Corporate Income Tax

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Cecil Kilpin | April 2022 Newsletter

By |2022-04-06T09:30:24+02:00Apr 6th, 2022|Business, Environmental, Finance + Economics, Newsletter, Tax|

Restructuring Corporate Income Tax The 2020 Budget announced government’s intention to restructure the corporate income tax system by reducing avoidance opportunities and expanding the tax base, while lowering the headline tax rate. South Africa’s interest limitation rules also need to be better aligned with OECD/G20 recommendations on base erosion and profit shifting. Government proposed restricting the use of assessed losses. The offsetting of the balance of assessed losses brought forward will be limited to 80 per cent of taxable income. This means that companies with an assessed loss balance that matches or exceeds their current‐year taxable income will need to pay tax on 20 per cent of their taxable income. The proposal does not increase companies’ tax liability [...]

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Cecil Kilpin | March 2022 Newsletter

By |2022-03-07T16:13:40+02:00Mar 7th, 2022|Business, Environmental, Finance + Economics, Newsletter, Tax|

2022/2023 Budget Highlights The Minister of finance Enoch Godongwana tabled his Budget review on the 23 rd February 2022. The following were the key tax issues arising. Personal Income Tax: Inflationary relief through a 4.5 percent adjustment in the tax brackets and rebates Employment Tax Incentive: Expanded through a 50 percent increase to a R1 500 per month Fuel & RAF Levies: No change to the general fuel levy or the Road Accident Fund (RAF) levy Excise Duties: Increases of between 4.5 percent and 6.5 percent on alcohol and tobacco Corporate Income Tax: Effective for tax years ending on or after 31 March 2023 the rate is reduced to 27% Disclosure of Wealth: It is proposed that all provisional taxpayers with assets above R50 [...]

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Cecil Kilpin | February 2021 Newsletter

By |2022-01-20T11:33:18+02:00Mar 1st, 2021|Business, Finance + Economics, Goverment, Newsletter, Tax|

Tax Guide for 2021 / 2022 Click the PDF icon or the button below to view & download our latest Tax Guide. Any of the five partners can be contacted regarding your specific tax requirements. In addition we have tax consultants and tax compliance officers specifically equipped to deal with tax matters. Download Tax Guide Ensuring an Affordable Public-Service Wage Bill The sustainability of the public finances will depend heavily on government’s ability to reduce growth in the public-service wage bill. Compensation accounted for about 34 per cent of consolidated spending in 2019/20. Between 2006/07 and 2019/20, compensation was one of the fastest-growing spending items, increasing faster than GDP growth. As outlined in previous editions [...]

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Cecil Kilpin | February 2020 Newsletter

By |2022-01-20T13:11:50+02:00Feb 27th, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

Tax Guide 2020/ 2021: We have recently released our Tax Guide for 2020/ 21 - Download it here. Download 2020 Budget Review “The Aloe Ferox survives and thrives when times are tough. It actually prefers less water. It wins even when it seems the odds are against it. “ Tito Mboweni In a surprise move Minister Mboweni made no dramatic tax proposals to balance the books. In fact a number of proposals will actually reduce personal income tax, and, in the longer term, corporate taxes could be reduced. The budget highlights are as follows: Personal Income Tax: Relief through an above inflation increase in the brackets and rebates Medical Tax Credits: Increase in medical credits Foreign Remuneration Exemption: Exemption will be limited to R1.25m from [...]

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