Saica News Comprehensive notes on various tax; tables included. The following is a summary of the tax related budget proposals announced by the Minister of Finance on 27 February 2013. BUDGET HIGHLIGHTS The main tax proposals for 2013 include the following: • An employment tax incentive targeted to support young workers and those employed in special economic zones. • Individuals whose taxable income is from one employer and is below R250 000 a year are not required to submit income tax returns. • Levies on fuel increase by 23c per litre from 3 April 2013.
Category: Budget 2013/14
Budget 2013 – Share Schemes
By Andrew Lewis (DLA Cliffe Dekker Hofmeyr) Executive summary Share incentive schemes were again mentioned in this year’s tax budget proposals. It thus appears that the broad-based employee share plan contemplated in s8B of the Income Tax Act will be reviewed and possibly merged with s8C of the Income Tax Act into a single employee share scheme regime.
Withholding taxes – extended to service fees
Taxpayers have been anticipating the introduction of a withholding tax on interest paid to non-residents for a number of years now. The effective date for the commencement of the withholding tax on interest will be further delayed from 1 July 2013 to 1 March 2014. The royalty withholding tax to be imposed at a rate of 15% (which is currently imposed at a rate of 12%) will also be delayed until 1 March 2014.
Budget review – 2013 budget highlights
Introduction The 2013 budget read by the Minister of Finance on 27th February 2013 contains relatively fewer tax proposals than prior years. However, some of the proposals are quite far reaching particularly relating to Trusts and Corporate gearing. In this brief analysis we highlight some of the key proposals for tax law changes.
South Africa Mulls Coal Export Duty
by Lorys Charalambous, Tax-News.com, Cyprus At the 2013 SA Coal Exports Conference, South Africa’s Minister of Mineral Resources Susan Shabangu confirmed that no decision had yet been taken by the government on whether or not to apply a duty on coal exports.
SARS and your bank account
On 29 February 2012, the South African Revenue Service (SARS) issued a notice in Government Gazette No 35090 (Notice No 173) relating to the liability of certain institutions, most notably banks, to furnish SARS with financial information about taxpayers. The notice was issued in terms of s69 of the Income Tax Act, No 58 of 1962, which section has been superseded by s26 of the Tax Administration Act, No 28 of 2011 (TAA).