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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 | May 2019 Newsletter

By |2022-01-20T14:13:36+02:00May 24th, 2019|Accounting, Business, Finance + Economics, Goverment, Newsletter, Tax|

Carbon Tax – How does it affect your business? With the imminent introduction of Carbon Tax, it is important to know how this will affect your business. While your business may not be directly affected by the tax, your suppliers may well have to pass on additional costs incurred as a result of it. So, let’s explore who and what will be subject to the tax. Persons subject to tax:Liability for the tax arises for every entity that conducts an activity and emits GHG emissions above the threshold for the following activities: the Energy Sector (such as fuel combustion activities, petroleum refining, civil aviation, pipelines etc.). the Industrial Processes and Product Use Sector (such as cement production, lime production, Nitric acid production, ceramics, Refrigeration and Stationery Air Conditioning). the Agriculture, Forestry [...]

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