The good news is that taxpayers have been given some money back with the Income Tax tables and there are no significant tax increases. Hopefully, this will help the economy to grow as it will encourage consumers to increase expenditure (about 60% of GDP depends on consumer spending).
Company tax has also not been increased and some reforms are mooted ahead of a plan to reduce corporate tax rates.
We end off with some tax tables conveniently summarising what’s new, and what’s not.
The good news is that taxpayers have been given some money back with the Income Tax tables and there are no significant tax increases. Hopefully, this will help the economy to grow as it will encourage consumers to increase expenditure (about 60% of GDP depends on consumer spending).
Company tax has also not been increased and some reforms are mooted ahead of a plan to reduce corporate tax rates.
We end off with some tax tables conveniently summarising what’s new, and what’s not.
Whilst taxpayers can enjoy some additional cash, the fact is that of all the ratings agencies, only Moody’s has not yet downgraded South Africa’s debt to junk status.
We look at the initiatives that government plans to undertake to avert a downgrade; but is time on our side?
We discuss by weighing government’s initiatives against the factors likely to influence Moody’s decision, and against Moody’s initial reaction to the Budget Speech.
As a company director you certainly enjoy wide powers courtesy of our Companies Act. But you must also manage the dangers of personal liability for any failure to live up to the onerous duties attendant on your office. Be aware therefore that the terms “knowing”, “knowingly” and “knows” are widely defined to include not only “actual knowledge” of facts but also information that you “reasonably ought” to have known.
We discuss the implications with a practical example. Non-executive director “Bill” has concerns over a subsidiary that imports equipment from China - a tricky situation in these days of COVID-19 and its trade disruptions. How can Bill protect himself from personal liability?
31 March – VAT electronic submissions and payments
31 March – CIT Provisional Tax Payments where applicable
Disclaimer
The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
