How do the Budget’s tax changes affect your business?
Regulation of tax and exchange control to become tighter amid efforts to broaden the tax base
Coping with complexity and uncertainty is one of the biggest challenges facing taxpayers today. Tax and exchange control remain highly regulated, carefully monitored and strictly enforced by the authorities. These levels of regulation will become tighter as efforts are made to broaden the tax base. “Levels of anxiety among taxpayers are increasing after another tough Budget for South Africa. In this environment, planning, implementing and reporting on significant business transactions are best undertaken with a clear understanding of the tax consequences and under the protection of legal professional privilege,” says Emil Brincker, head of the tax and exchange control practice at Cliffe Dekker Hofmeyr (CDH). This year’s Budget comes with the economy still under pressure, political uncertainty on the rise and Budget revenue under strain. It came as no surprise that the Budget introduced a new top personal income-tax bracket of 45% for taxable income in excess of R1.5-million per tax ...
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