Print Page   |   Report Abuse
News & Press: Opinion

Tax hikes likely in 2016

04 December 2015   (0 Comments)
Posted by: Author: Ingé Lamprecht
Share |

Author: Ingé Lamprecht (Moneyweb)

But increase in corporate tax rate improbable – PwC.

It is more likely than not that National Treasury will again introduce tax hikes in its February budget, but it is implausible that the corporate income tax rate will be raised in light of concerns around South Africa’s competitiveness.

Kyle Mandy, tax policy leader for PwC South Africa, says corporate tax is the most distortive from an economic perspective and the Davis Tax Committee has already indicated that it is not the best avenue to raise additional revenue..

The 10th edition of the World Bank Group and PwC’s Paying Taxes study ranks South Africa 20th out of 189 economies for ease of paying taxes, falling one place from last year. Mauritius, in the 13th position, was the best-ranked African country.

Mandy says in isolation, South Africa’s total tax rate (a measure of the burden of all taxes a company must pay in relation to its commercial profit) of 28.8% compares relatively well with other regions (see chart below).

Please click here to view full article.

This article first appeared on moneyweb.co.za.



WHY REGISTER WITH SAIT?

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.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

Membership Management Software Powered by YourMembership  ::  Legal