Wednesday, 5 April 2017

South Africa’s 2017 budget includes overall commitment to BEPS project

The South African Minister of Finance (MOF) presented the 2017 budget to parliament on 22 February 2017, proposing a number of changes to the tax rules for companies and individuals and reiterating South Africa’s overall commitment to the OECD BEPS project. The budget now must be approved by parliament. Once approved, the tax proposals in the budget will enter into effect on various dates: some on the date the budget was presented, some from 1 March 2017 (or from years of assessment commencing on or after 1 March 2017) and some when further legislation is promulgated (certain proposals are still subject to further investigation and public consultation before being finalized).
The 2017 budget includes a provision that would increase the top individual marginal income tax rate to 45% (from 41%), effective from 1 March 2017. No changes are proposed to the corporate income tax rate.
Source & more info: Deloitte