IMPORTANT PROPOSED CHANGES FOR BUSINESSES
Tax increases of ZAR 28 billion were announced in the South African National Budget Speech 2017 by the Minister of Finance, Pravin Gordhan, on Wednesday, 22 February 2017. Changes included increased taxes on individuals (top marginal rate of 45%) and an increase in dividends tax from 15% to 20%.
The Minister highlighted key anti-avoidance measures relating to foreign companies held by trusts, share buyback transactions, contributed tax capital of foreign shareholders, and interest recoupment on debt reductions.
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