Reducing SA’s corporate tax rate to improve its global competitiveness has been long overdue. The Treasury’s plan is to reduce it to 27% from 28% for years of assessment from or after April 1 2022.

This is just the start. Finance minister Tito Mboweni indicated in his budget vote speech in February that consideration would be given to further tax rate decreases to make the tax system more attractive. SA has a long way to go to get its tax rate in line with its main trading partners and with comparable countries that it competes with for foreign direct investment...

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