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South Africa Proposes to Ease Tax Burden and Cross-Border Financial Regulations: Updates from International Tax Consulting Team

South Africa Proposes to Ease Tax Burden and Cross-Border Financial Regulations: Updates from International Tax Consulting Team

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Published by Yvonne Smith
The South African government said it plans to ease cross-border financial rules and taxation requirements for companies in the recently announced national budget for 2013-2014.
The South African government said it plans to ease cross-border financial rules and taxation requirements for companies in the recently announced national budget for 2013-2014.

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Categories:Types, Business/Law
Published by: Yvonne Smith on Mar 20, 2013
Copyright:Attribution Non-commercial

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03/20/2013

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South Africa Proposes to Ease Tax Burden and Cross-Border Financial Regulations: Updates
from Nair & Co.’s International Tax Consulting Team
 
(Sunnyvale, CA)- The South African government said it plans to ease cross-border financial rules and taxationrequirements for companies in the recently announced national budget for 2013-2014. The tax provisions forpension, provident and retirement annuity funds are also expected to be synchronized and simplified, said Nair &Co., which provides international tax consulting for companies expanding overseas.Key Highlights of the South African budget prepared by the international tax services team at Nair & Co.The South African Revenue Service (SARS) is looking at tax avoidance schemes that are defined under therevised general ant-avoidance rules.SARS will also implement a single registration process to help companies have a single point registrationfor
all tax types and customs activities. Nair & Co.’s
 includecomprehensive
global tax compliance
planning and our experts can advise you on anti-avoidancemeasures in place in over 50 countries.The proposed increase in the turnover threshold and the proposed revision to the graduated ratestructure for small corporations is:
Amount (ZAR)
 
Rate (%)
 up to 67,111 067,112
 –
365,000 7365,001
 –
550,000 21Over 550,000 28The new proposed personal income tax brackets are:
Amount (ZAR)
 
Rate (%)
 up to 165,600 18165,6001
 –
258,750 25258,751
 –
358,110 30358,111 - 500,940 35500,940
 –
638,600 38Over 638,600 40

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