BUDGET SPEECH 2020/21 TAX YEAR

INDIVIDUALSThe maximum marginal rate for natural persons remains at 45% and is reached when taxable income exceeds R1 577 300 (previously R1,5 million). The minimum rate of tax remains at 18% on taxable income not exceeding R205 900 (previously R195 850). The primary...

State-capture beneficiaries and tax

An Al Capone strategy better than problematical prosecution In 189 TSH 2018 I canvassed aspects of donations tax relevant to ‘state capture’. Now it is time to look at its income tax implications. SARS’s mandate (updated 27 February 2019) is to ensure tax collection...

Foreign trusts and CFCs

Proposed amendments in the draft bill The controlled-foreign-company rules, which deem the taxable income of a foreign company to be that of its RSA resident individual shareholders, notwithstanding the non-declaration of a dividend, have to date been easily...