Tax News 1/2008 Budget edition
This is a special edition of Tax News dedicated to the South African Budget 2008
The Minister of Finance, Trevor Manuel, presented the Budget for the 2008/2009 fiscal year on Wednesday 20 February 2008.
The Budget announcements included a reduction in the corporate tax rate, a simplified tax regime for small businesses, income tax relief for individuals, small increases in the exemption for interest and foreign dividends and an increase in the VAT registration threshold. There were also the usual increases in “sin taxes”.
The Budget Review also contains numerous amendments to be included in tax legislation in 2008 or to be further considered, but without much detail on these proposals.