Tag: tax credit
Budget Speech 2025 – cuts, compromises and curveballs
The shocks, surprises and shortfalls in the initial budget on 19 February 2025 made way for a reworked National Budget. This new budget is marked by cuts, compromises and curveballs. Although Finance Minister Enoch Godongwana’s first budget attempt was unexpectedly stopped three weeks ago, a higher VAT rate is still on the table.
Foreign tax credits and rebates – taxpayer treat or trap?
In an exciting recent development, National Treasury published a set of draft Tax and Revenue Law Amendment Bills, together with accompanying Explanatory Memorandums thereto, for public comment. These draft bills contained a host of robust proposed changes to tighten certain loopholes and inconsistencies in South Africa’s tax laws.
Budget 2024 – navigating uncertainty in challenging times
Minister of Finance Enoch Godongwana will deliver the 2024 Budget Review to Parliament next week as the South African economy faces a gloomy economic outlook. The economy is still recovering from the impact of COVID-19 and state capture.
Tax credit for individuals for solar panels brought into use
The draft Taxation Laws Amendment Bill, which was issued on 31 July 2023, proposes the introduction of a new rooftop solar energy tax incentive for individuals in an effort to encourage South African households to invest in electricity generation capacity, and by so doing, reduce pressure on the electricity grid.
Ceasing SA tax residency in countries that don’t offer permanent residence
To be released from their local tax obligations in relation to foreign income, emigrating South Africans must be able to prove to the South African Revenue Service (SARS) that they have permanently left the country.
Energy Transition highlighted at SONA – what does this mean for...
After a wobbly 2021 and lingering uncertainties for the year ahead, we are confident energy transition equities can deliver. After achieving remarkable gains in 2020, energy transition equities endured a more turbulent and challenging time in 2021.
