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.
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.
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.
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
Asisa says it is encouraging that the 2.5% to 5% drawdown rate made up the biggest income band by number of policies.
The barriers to uptake include affordability, inappropriate distribution models, and lack of product knowledge, Treasury says.
National Treasury will introduce the COFI Bill ‘very soon’ and amend the Financial Markets Act to tighten regulation of the country’s financial markets.
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.
