2015 Budget and Tax Update:

The 2015 Budget Speech is more keenly anticipated than ever as we wait for the revelation of Government’s plans on how we will navigate through the economic and fiscal challenges facing South Africa. Indications are that this Budget will include significant amendments to the tax system, adding to the draft of tax amendments that have recently been promulgated:

The 2015 Budget Speech and related documents and announcements, including:

  • New tax rates, tables and exemptions
  • Income tax amendments
  • Donations tax amendments
  • Estate Duty amendments
  • VAT amendments
  • Other proposals
  • VAT on e-commerce transactions
  • VAT on residential property developments
  • Elimination of four-monthly VAT category
  • Changes to record-keeping rules for PBOs (Public Benefit Organisations)

Main tax amendments in 2014 and 2015 including:

  • New withholding tax rules
  • Retirement reform proposals
  • Source rules for pensions
  • Changes to company car fringe benefits
  • Small business tax incentives
  • Disallowance of interest deductions
  • Introduction of tax-free saving accounts
  • Changes to the employment tax incentive
  • Changes to provisional tax rules

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