The Davis Tax Committee: Small and Medium
Enterprises: Taxation Considerations, Interim Report, July 2014 was released
earlier today for public comment.
In essence, the
report covers the following:
role of SMEs in the economy;
definition of a small business;
facing SMEs, especially the tax compliance burden;
review of income tax incentives for ‘small business corporations’;
review of the income tax incentive for ‘venture capital companies’ to fund
review of the alternative presumptive turnover tax system for ‘micro businesses’;
review of the Value-Added Tax requirements for SMEs;
impact of the new Employment Tax Incentive on SMEs.
The SAIT will be making a submission to the Davis Tax Committee on the interim report. It is requested that all comments be sent to email@example.com by no later than close of business on 27 August 2014.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.