COSATU issued a press release in relation to its “enormous expectations” for the 2017/18 budget. Some expectations were met.
Continue readingSouth Africa: Budget 2017 and COSATU’s expectations regarding tax changes
South Africa: Increased dividends tax – A tax on an individual
Budget 2017 announced an increase in dividends tax, from 15% to 20%. It is effectively borne almost exclusively by South African individuals.
Continue readingSouth Africa: Share buy-back transactions
The 2017 Budget proposes that specific legislative countermeasures be introduced to curb the use of share buyback arrangements.
Continue readingSouth Africa: Debt settled for consideration other than cash
The 2017 Budget Review touched on the manner in which debt forgiveness and capitalisation of debt is treated under the Income Tax Act.
Continue readingSouth Africa: Budget 2017 – Nasty surprises still coming on the tax front
The Budget Review 2017 highlights a few further tax increases that will still be implemented at a later stage.
Continue readingSouth Africa: Issues relating to Customs and Excise in the National Budget Speech 2017
There is an automatic exchange of information between tax authorities. Companies will be required to file information with SARS.
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