Tag: Corporate Income Tax (CIT)

South Africa’s Minister of Finance, Mr. Enoch Godongwana, delivered his maiden National Budget Speech to the National Assembly on Wednesday, 23 February 2022. A crucial function of the Budget Speech is to provide details of spending and make proposals about how the priorities outlined in the President’s State of the Nation Address will be funded.

The National Budget was characterised by the balance between social welfare expenditure and fiscal sustainability amid a disappointing outlook for GDP growth in South Africa. The estimate for GDP growth for 2021 was reduced from 5.1% to 4.8% and forecasted to grow at 1.8% p.a. over the next three years.

The Minister of Finance, Enoch Godongwana, delivered the 2022 Budget to parliament. Discussed below are key highlights from the 2022 Budget Review:

The 2022 Budget was tabled to Parliament on 23 February 2022 by South African Finance Minister Enoch Godongwana.

Property practitioners, including estate agents, candidate estate agents, and property managing agents (the agents), have for years been regulated by the Estate Agency Affairs Act, 112 of 1976 (EAA). However, this is soon to change with the enactment of the Property Practitioners Act, 22 of 2019 (the Act), signed into law by President Cyril Ramaphosa, and with an effective commencement date of 01 February 2022.

South African Finance Minister Enoch Godongwana tabled the 25th Medium-Term Budget Policy Statement today, where he emphasised the budget’s focus on navigating the country’s path toward an economic and social recovery.

National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget. Highlighted are five key changes proposed by government that taxpayers need to be aware of.  

Most small and medium businesses in South Africa had a very difficult 2020 financial year, with many, particularly in the retail and hospitality sectors, having to close their doors. Those that survived the pandemic now find themselves having to rebuild – a task made more difficult by a stunted economic environment, with low levels of consumer discretionary income.

When the minister of finance delivered Budget 2020/21 on 26 February 2020, COVID-19 was mostly contained to China (with other countries registering few cases). The budget therefore made virtually no provision for what was to become one of the largest health and economic meltdowns in the past 90 years. As such, except for the growing fiscal deficit, the main and consolidated budgets[1] contained no earth-shattering announcements.

Following President Cyril Ramaphosa’s announcement of fiscal relief for certain taxpayers, in light of other measures imposed to combat the COVID-19 crisis, National Treasury published explanatory notes on 29 March 2020, which outline exactly how the tax system will be used to ease financial distress during these times.