BUDGET 2017: TAX CHANGES The 2017 budget lived up to the expectation created by the Finance Minister with the medium term budget policy statement late last year in which it was made clear that R28bn in additional tax revenue must be generated. Tax increases were announced as follows: Introduction of top marginal tax rate of […]
Monthly Archives: February 2017
NON-EXECS, PAYE AND VAT: SARS PROVIDES CLARITY
Historically, it was unclear whether amounts paid to a non-executive director were subject to the deduction of employees’ tax and whether the prohibition against certain deductions by salaried employees applied to them. This being as a result of a non-executive directors arguably not earning remuneration as defined in the 4th Schedule to the Income Tax […]
