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Tax relief for lockdown-trapped expats?

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National Treasury and SARS published their responses on the Draft Taxation Laws Amendment Bill (TLAB), which included potential relief for South African expatriates who were unable to leave South Africa owing to the COVID-19 lockdown.

MTBPS – little reason for optimism

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Although the 2020 Medium Term Budget Policy Statement stated its intention to prioritise economic recovery and fiscal consolidation in order to support President Ramaphosa’s economic recovery plan, the reality is that while this budget hit some of the right notes, it did little to instil confidence that the country is on the path to economic recovery.

The post-COVID-19 world needs new approaches to tobacco taxes

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As South Africa prepares to hear Finance Minister Tito Mboweni’s medium-term budget speech this week, it is becoming increasingly clear that the country needs a new post-COVID-19 approach to the tobacco industry and the growing illicit tobacco sector.

Relaxation of loop structures – but at what tax cost?

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The envisaged future relaxation of the prohibition on 'loop structures' will be accompanied by amended tax laws, but current proposals are likely to result in more tax on certain structures. National Treasury has proposed a number of amendments to tax legislation as a result of the potential future relaxation of the SA Reserve Bank's current prohibition on so-called 'loop structures'. 

Supplementary Budget 2020 | SA Finance Minister Tito Mboweni’s Speech

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The Supplementary Budget 2020 was tabled to Parliament on 24 June 2020 by South African Finance Minister Tito Mboweni.

COVID-19 second phase economic response: Tax Relief

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National Treasury has published another draft bill to formalise the tax relief measures available in response to the devastating covid-19 pandemic. It is hoped this will clarify uncertainty and offer some relief during these tough times.

Awakening the economy from COVID-induced coma

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President Cyril Ramaphosa presented the five-level, risk-adjusted strategy that will guide South Africa’s emergence from lockdown. As the finer points of the strategy were shared, it became clearer how - and when - certain sectors will once again gear up into activity.

COVID-19 tax relief – VAT

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Following announcement of the actions taken by government to combat the COVID-19 crisis, many South Africans may be aware of the proposed tax measures that are effective from 1 April 2020.

COVID-19 tax relief – good intentions with bad results?

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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.  

Moody’s decision to cut South Africa’s credit rating to junk was...

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Moody’s cut both the local and foreign currency-denominated debt from Baa3 to Ba1 and retained the negative outlook. Their statement highlighted South Africa’s deteriorating fiscal situation amidst very weak economic growth, saying: 'The key driver behind the rating downgrade to BA1 is the continuing deterioration in fiscal strength and structurally very weak growth.'

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