Budget 2024: No inflation-related adjustments to the tax brackets?
Not providing tax relief will be a relatively easy way for a cash-strapped National Treasury to collect revenue.
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Minister of Finance publishes Pension Funds Amendment Bill
The amendments are necessary for private sector retirement funds to give effect to the two-pot retirement system.
South Africa faces economic headwinds as Fitch rating reflects concerns
Fitch’s recent affirmation of the country’s BB- rating underscores concerns about weak GDP growth, power shortages, faltering logistics, and a rising government debt-to-GDP ratio.
Digital drive fuels compliance, latest tax statistics show
Tax experts Louis Botha and Nicholas Carroll from Cliffe Dekker Hofmeyr discuss the significance of 2023 Tax Statistics, emphasising the potential impact of additional tax measures, the growth of the taxpayer base, and insights into Company Income Tax trends.
Two pots: proposed implementation date is neither 1 March 2024 nor 1 March 2025
The Minister of Finance responds to the Standing Committee on Finance’s call for the implementation date to be moved to 1 March next year.
FATF releases report on SA’s progress with addressing compliance deficiencies
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
Average living annuity drawdown rate falls in 2022
Asisa says it is encouraging that the 2.5% to 5% drawdown rate made up the biggest income band by number of policies.
Insurance for individuals and SMMEs among the priorities for financial inclusion
The barriers to uptake include affordability, inappropriate distribution models, and lack of product knowledge, Treasury says.
Urgent need to close regulatory gaps in over-the-counter markets, says FSCA
National Treasury will introduce the COFI Bill ‘very soon’ and amend the Financial Markets Act to tighten regulation of the country’s financial markets.
Treasury clarifies aspects of the renewable energy tax incentive for businesses
Lessors that invest in qualifying assets that are leased to lessees under operating or finance lease arrangements will be able to benefit from the incentive.
