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- Personal income tax relief of R9.25 billion
- Tax preferred savings accounting to be made available. Further tax exemptions for interest, dividends and capital gains will be granted for investments of not more than R30 000 per annum per individual. Investment in bank deposits, collective investments schemes and exchange traded funds and retail savings bonds will be allowed to be offered with the tax exemptions by banks, asset managers, life insurers and brokers.
- Davis Tax Review Committee recommends the replacement of small business corporations accelerated deductions and progressive tax rates with an annual compliance rebate, subject to certain conditions. The committee also recommends the retention of turnover tax on micro businesses with a reductions in tax rates on taxable turnover.
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CONTACT
Lizelle Kuhn (CA) SA
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