Ramaphosa has approved new tax laws for South Africa – 5 key changes to know

President Cyril Ramaphosa has approved several tax changes for South Africa by signing the Rates and Monetary Amounts and Amendment of Revenue Laws Act, Taxation Laws Amendment Act , and the Tax Administration Laws Amendment Act into law.

To cater for all sectors and recognise that not all companies have sufficient cash flow to face an additional tax burden in the first year they become profitable, the TLAA imposes a R1 million threshold beyond which the restriction applies. Therefore, the company will be able to set off the higher of R1 million or 80% of taxable income.

This principle is bolstered by the inclusion of a proviso that the ETI shall only apply to employees not mainly involved in the activities associated with studying. Finally, the TLAA also stipulates that only remuneration paid in cash will be taken into account to determine if the employee qualifies for the ETI.

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