Exceptions to the rule that directives must be sought for all employment lump sums will be removed. The requirement for a tax directive to effect tax-free transfers from pension funds to provident funds will be removed.
As things stand, it is Malusi Gigaba who will deliver the speech, although, rumours of a cabinet reshuffle are afoot.
SARS will have access to country-by-country information on all large multinationals operating in South Africa. Further technical refinements to provide clarity have been proposed and the requirement for provident fund members to annuitise has been postponed to 1 March The due date for submission of an estimate for the second provisional tax period will be fixed at the date of assessment of the relevant year.
Certain once-off amounts that are excluded from the penalty for under paying provisional tax will be included in future.
Tax measures dealing with the transition of the hedge fund industry into a new regulated tax regime will be considered further, specifically in relation to asset-for-share and amalgamation transactions.
The much anticipated increase is the first increase in the VAT rate since The draft Carbon Tax Bill was published in November and 90 comments have been received to date. In the budget speechthe Minister of Finance announced that National Treasury will be updating the current regulations.
The infrastructure crisis Cape Town is counting down to Day Zero, when taps are expected to run dry, and the Eastern Cape is also facing a drought crisis.
In relation to divorce settlement orders, it is proposed that the withdrawal of retirement benefits arising from such settlements will be proportionally attributed as a reduction against the vested right i. Zero rating Brown Bread The proposed amendment seeks to provide clarity and give effect to the original policy intent around the zero rating of the supply of brown bread.
The proposed amendments will result in it no longer being an offence for a vendor to re-issue the tax invoice with the correct information, the proviso being that the vendor maintains a proper audit trail to trace the initially issued document, the manner of cancellation and the reissued invoice.
Sale of enterprise as a going concerns and subsequent issue of credit notes It is proposed that clarity will be provided for instances where an enterprise is acquired as a going concern and the acquirer of the enterprise will be entitled to issue credit notes for goods returned to the acquirer of the enterprise which were originally supplied by the seller of the going concern.
The VAT rate will increase with effect 1 April Tax revenues are projected to be RThe Honourable Minister of Finance read the South African budget speech on 24 February In this summary, we address only the revenue (i.e.
tax) side of the budget proposals. As this budget speech has received an unusual amount of interest, we have set out the tax proposals in more detail than usual, although this summary is not.
Open Document. Below is an essay on "South Africa Budget Speach" from Anti Essays, your source for research papers, essays, and term paper examples.
JOHANNESBURG (Reuters) – The South African rand was little changed early on Wednesday, as investor caution reigned ahead of a closely watched budget speech by the country’s finance minister.
The Budget Speech, The Budget Review, including o The fiscal framework, o The revenue proposals, customs and excise duties and Fellow South Africans, growth rates of below 1 per cent fall short of what we need to create employment and reduce poverty and inequality.
The Treasury currently. Budget Speech Honourable speaker It is my privilege to introduce the third budget of President Zuma’s administration. Mister President, you have given us a clear and historic challenge to “write a new.
Budget speech in a nutshell: Life is going to get a bit more expensive This was a live blog and updates as they happened appear in full below. Gigaba ends his speech with thanks to.Download