Category: Budget 2015/16

Author:  Carin Smith – Fin24 Cape Town – There are two key encouraging messages from Finance Minister Nhlanhla Nene‘s budget for Anthea Scholtz, tax director at Deloitte. The first is that government is not going to be “irrational” by implementing major tax increases, lots of new legislation or many new taxes as was anticipated beforehand. “The minister calmed the nerves with his budget 2015. The question is, however, will the SA Revenue Service be as rational when it enforces the legislation?” asked Scholtz at a post budget event hosted by Deloitte on Friday.

Cape Town – This year’s budget from Finance Minister Nhlanhla Nene showed some support for the country’s small and medium enterprises (SMEs) by giving further tax relief to the smallest enterprises, yet it could have done more to help local businesses prosper. That’s according to Daryl Blundell, GM of Sage Pastel Accounting, who says that the government has yet to translate its talk about the importance of small business into bold actions and strategies that give a serious boost to the SME sector.

Section 9C of the Income Tax Act came into operation on 1 October 2007 and applies to the disposal of ‘qualifying shares’ on or after that date. Section 9C of Income Tax Act essentially contains a ‘safe harbour’ provision in terms of which the gains from the disposal of ‘qualifying shares’ will be deemed to be of a capital nature if the owner held such shares for a continuous period of 3 (three) years.