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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 | February 2022 Newsletter

By |2022-02-03T10:01:32+02:00Feb 3rd, 2022|Business, Environmental, Finance + Economics, Newsletter, Tax|

2022 Budget Tips - Make Your Voice Count The Minister of Finance, Mr Enoch Godongwana, will deliver his inaugural National Budget Speech on 23 February 2022. As usual, the budget allocation always aims to strike a balance between competing national spending priorities. It is in this context that Minister Godongwana invites South Africans to share their suggestions on the Budget – what should the government be spending the money on, how to address a large budget deficit, new sources of tax revenues, and other Budget-relevant information. Minister Godongwana looks forward to your contributions. NB: Contributions can be sent through - National Treasury website here: https://bit.ly/3ruszsi Twitter: @TreasuryRSA Facebook: National Treasury RSA with the hashtag #TipsForMinFin and #Budget2022 [...]

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