2014 Tax Related Budget Proposals – South Africa

The following is a summary of the tax related budget proposals announced by the Minister of
Finance on 26 February 2014.

Budet Highlights:

The main tax proposals for 2014 include the following:

  • Adjustments to tax tables relating to retirement lump-sum payments. 
  • Tax breaks to encourage household saving. 
  • Measures to encourage small enterprise development. 
  • Clarity on valuation of company cars for fringe-benefit tax purposes. 
  • Government proposes an increase of 12c/litre in fuel levy and an increase of 8c/litre on the Road Accident Fund levy. The effective date for both levies is 2 April 2014. 
  • Reforms to tax treatment of the risk business of long-term insurers. 
  • Amending rules for VAT input tax to combat gold smuggling. 
  • Measures to address acid mine drainage. 
  • Postponement of carbon tax to 2016 in order to ensure its alignment with desired emission-reduction outcomes identified by the Department of Environmental Affairs.

For the full article please see the link below.


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