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Tax Alert - February 2013

Herewith the February 2013 issue of Tax Alert. We trust that it will be of assistance to you.

Please contact any of the designated contact people if you have any queries whatsoever.

Regards,

The Tax Team


The Budget

The most noteworthy aspect of the budget from a tax perspective was the absence of any significant increases in the major taxes, notwithstanding the magnitude of the deficit – now approaching 6% of GDP. Thus, apart from a step up in the fuel levy by 30,5c (taking into account the road accident fund levy.), the maximum rates in relation to individuals, companies and VAT is to remain unchanged – at least for now. One senses that in the absence of a significant improvement in the numbers, the pressure to find additional forms of revenue will become overwhelming, and many will be playing very close attention to the midyear review in October to see how we are tracking. In this edition we highlight the significant issues raised in the Budget Review which will likely lead to amendments to the tax laws at some point in the future.

- Davis commission
- Restricting debt to prevent base erosion
- Cross-border payments
- Protecting the tax base through trust taxation reform
- A comparison with recent developments around Africa
- Proposed mining tax reforms
- Share Cross Issues
- VAT amendments
- Financial intermediaries and Securities transfer tax
- Employment issues
- Taxation of long-term insurers (four funds)
- Tax administration
- Customs & Excise
- Government Grants and Incentives


To download the PDF, click here (pdf, 1.6mb)

The information contained in this publication is intended to provide general guidance. It is not intended to replace the specific advice which should be sought from an appropriate professional advisor before taking any particular course of action.

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