Agriculture joins chorus against proposed changes to assessed loss regime
Industry and tax professionals advise MPs that the sector should be able to carry over 100% of its assessed tax losses
31 August 2021 - 15:54
UPDATED 31 August 2021 - 18:37
The agricultural sector joined with other bodies on Tuesday to plead for its exemption from the Treasury’s proposal to limit the use of assessed losses carried forward to 80% of taxable income from the current 100%.
Currently, companies that made a previous loss that is assessed as such by Sars can carry it forward to the next tax year and offset 100% of the loss against their tax obligation so that no tax is paid. In terms of the Treasury’s proposal only 80% of the loss can be used to offset the tax obligation...
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