South Africa Proposes to Ease Tax Burden and Cross-Border Financial Regulations: Updates from International Tax Consulting Team
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 tax provisions for pension, 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.
- (1888PressRelease) March 21, 2013 - 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 the revised general ant-avoidance rules.
- SARS will also implement a single registration process to help companies have a single point registration for all tax types and customs activities. Nair & Co.'s international expansion services include comprehensive global tax compliance planning and our experts can advise you on anti-avoidance measures in place in over 50 countries.
- The proposed increase in the turnover threshold and the proposed revision to the graduated rate structure for small corporations is:
Amount (ZAR) Rate (%)
up to 67,111 0
67,112 - 365,000 7
365,001 - 550,000 21
Over 550,000 28
-The new proposed personal income tax brackets are:
Amount (ZAR) Rate (%)
up to 165,600 18
165,6001 - 258,750 25
258,751 - 358,110 30
358,111 - 500,940 35
500,940 - 638,600 38
The primary, secondary and tertiary annual tax rebates of ZAR 11,440, ZAR 6,390 and ZAR 2,130 have been increased to ZAR 12,080, ZAR 6,750 and ZAR 2,250, respectively.
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Nair & Co. provides you with your one touch outsourced finance, HR, legal and global tax compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com
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