Johannesburg – The SA Chamber of Commerce and Industry (Sacci) was “underwhelmed” by Finance Minister Pravin Gordhan’s mini budget. “The message from the minister had few details on planned changes to fiscal policies, and where details were given it was on peripheral matters like austerity measures for senior government officials,” Sacci CEO Neren Rau said in a statement on Wednesday. However, he said Gordhan could be commended for his emphasis on pragmatic economic policy and priorities, on the National Development Plan and investment, and on the fact that a growing economy was critical to government activities. Sacci welcomed comments about the country’s credit rating and government debt, and the commitment to reduce the fiscal deficit. “Much work still needs to be done to present South Africa as an investor-friendly destination,” Rau said. “Fundamentally, the fiscal deficit can only decrease if government spending is cut in a big way, which implies Read More …
PwC 2013 Tax Budget Comments Personal Income Tax Higher income tax earners will have R231,25 less income tax to pay per month, assuming they have a basic annual taxable income of R700,000. Lower income tax earners will pay R86 less income tax annually, assuming they have an annual basic taxable income of R165, 600.The individual threshold for submitting a tax return was raised from R120,000 to R250,000 per year. This means that taxpayers that have taxable income of less than R250,000 annually will not be required to submit tax returns.
by Lorys Charalambous, Tax-News.com, Cyprus Further details have been provided of the Government’s public consultation on its proposals to reform the retirement industry in South Africa, with a focus on the taxation, governance and harmonization of retirement funds.
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.