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National Treasury sheds light on its thinking around retirement reform

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In a recent conference, National Treasury Acting DG Ismail Momoniat explained National Treasury’s views on the two-pot retirement system, governance of umbrella funds and changes to Regulation 28. Ismail Momoniat, Acting Director-General at National Treasury (NT), addressed the recent Pension Lawyers Association Virtual Conference in May 2022 with an update on retirement reform developments.

Unpacking the two-pot system – the proposed restructuring of retirement savings

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The currently considered two-pot system to restructure retirement savings to allow for limited pre-retirement withdrawal will encourage the preservation and accumulation of sufficient funds for when people retire.

The devil is in the NHI details – it’s just not...

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It is evident there are diverse views on the National Health Insurance (NHI) bill. The NHI will always remain a hot topic fuelled by speculation and political ambitions, but none of us can deny that, for the good of the country, the healthcare system needs to transform.

A lower corporate tax rate – good news for some taxpayers

The National Treasury announced in the 2022 Budget Review that the corporate tax rate will be lowered to 27% for years of assessment that end or on after 31 March 2023. Practically, for most companies, this means that the reduced rate applies for years of assessment that start on or after 1 April 2022 and some companies may already enjoy the effect of the reduction in 2022 when making provisional tax payments.

New loss utilisation restrictions and section 36 mining capital allowances

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In 2021 amendments were proposed relating to section 20 of the Income Tax Act 58 of 1962 to limit corporate taxpayers’ ability to utilise assessed losses carried forward to 80% of the value of such assessed losses in a given year of assessment.

2022 budget – reading between the lines

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Budget 2022 was a ‘read between the lines’ event and should be interpreted with cautious optimism, we argue. Much weaker GDP inflation assumptions allowed the National Treasury to downplay future revenue collections, yet still bring the primary budget back into surplus a year earlier than originally planned, in line with our view.

BUDGET 2022 | Commentary on VAT and indirect taxes

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As was widely expected, the government did not announce any increase in the VAT rate, although the Minister has stated that the tax rate will need to increase in the future. The proposed amendments affecting VAT are largely technical in nature.

Budget 2022 | SA Finance Minister Enoch Godongwana’s Speech

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

The public sector needs to shake up its affairs completely

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Too many powerful and well-remunerated people in our public sector are letting South Africans down by continually failing to achieve the strategic objectives of the entities they manage. Officials in the public sector must employ clean governance principles across every aspect of their operations.

Mirror, mirror on the wall, which tax incentive is next to...

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South Africa has a dedicated research and development (R&D) tax incentive regime which sets it apart from other African countries and enables South Africa to compete with similar regimes in developed countries. However, the future of this incentive is at risk.

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