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SA’s Covid cases breach 1.6m, close to 55 000 deaths recorded. By IOL Reporter 8h ago. In its daily Covid statistics media statement, the Health Ministry confirmed that 2 759 new cases wereTHE STAR - IOL
SA records over 8000 new Covid-19 cases in the last 24 hours. By IOL Reporter 1h ago. The National Institute of Communicable Diseases confirmed that the country’s cumulative Covid-19 case countIOL | PRETORIA NEWS
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TSHWANE INCREASES COVID-19 VACCINATION SITES TO 14 The City of Tshwane yesterday announced an increase in the number of the Covid-19 vaccination sites for the phase 2 mass vaccinationprogramme. This
CAPE TOWN STUDENT CROWNED MISS TEEN SA 2021 Cape Town student crowned Miss Teen SA 2021. Cape Town beauty Kayleigh Jephta, from Table View, is the new Miss Teenager South Africa. The ENTRIES FOR MISS SA 2021 NOW OPEN Entries open for Miss South Africa 2021 on Monday, May 24, at 17pm, and will close on June 24, at midnight. Stephanie Weil of the Miss South Africa Organisation says: “We are KZN, HERE ARE YOUR COVID-19 VACCINATION SITES Currently, 339 655 healthcare workers have been vaccinated. This morning, Health Minister Dr Zweli Mkhize announced the locations of the active sites across the country, with nine sites set up in IOL | NEWS THAT CONNECTS SOUTH AFRICANSNEWSSPORTTECHBUSINESS REPORTENTERTAINMENTLIFESTYLE Discover the world of IOL, bringing you a mix of current news across politics, sport, business, motoring and lifestyle. Telling your stories and driving change!THE POST - IOL
SA’s Covid cases breach 1.6m, close to 55 000 deaths recorded. By IOL Reporter 8h ago. In its daily Covid statistics media statement, the Health Ministry confirmed that 2 759 new cases wereTHE STAR - IOL
SA records over 8000 new Covid-19 cases in the last 24 hours. By IOL Reporter 1h ago. The National Institute of Communicable Diseases confirmed that the country’s cumulative Covid-19 case countIOL | PRETORIA NEWS
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TSHWANE INCREASES COVID-19 VACCINATION SITES TO 14 The City of Tshwane yesterday announced an increase in the number of the Covid-19 vaccination sites for the phase 2 mass vaccinationprogramme. This
CAPE TOWN STUDENT CROWNED MISS TEEN SA 2021 Cape Town student crowned Miss Teen SA 2021. Cape Town beauty Kayleigh Jephta, from Table View, is the new Miss Teenager South Africa. The ENTRIES FOR MISS SA 2021 NOW OPEN Entries open for Miss South Africa 2021 on Monday, May 24, at 17pm, and will close on June 24, at midnight. Stephanie Weil of the Miss South Africa Organisation says: “We are KZN, HERE ARE YOUR COVID-19 VACCINATION SITES Currently, 339 655 healthcare workers have been vaccinated. This morning, Health Minister Dr Zweli Mkhize announced the locations of the active sites across the country, with nine sites set up in BREAKING NEWS FROM SA, AFRICA AND AROUND THE WORLD Top stories and news highlights from around South Africa, Africa and across the globe as they happen. Read the latest local and International news on IOL today.CRIME AND COURTS
Crime and courts. weekend-argus. Mother of missing Shevonne Matthews says she became homeless 19 years ago due to a broken heart. By Genevieve Serra 1h ago. Western Cape. Mom forced to switch offTHE MERCURY
The family of late Bosasa chief executive Gavin Watson have succeeded in overturning a high court ruling ordering it to restore shares in a mining company to Smuts Ngonyama ALGERIANS VOTE IN PARLIAMENTARY ELECTION 5 hours ago · Algeria held parliamentary elections on Saturday that the ruling elite hopes will turn a page on political unrest amid a crackdown on dissent, but which many voters were expected to ignore.While
LIVE FEED: STATE CAPTURE INQUIRY LIVE FEED: State Capture Inquiry - June 1, 2021. Johannesburg - The Zondo Commission will hear evidence related to the Passenger RailAgency
SA’S AVAILABLE VACCINES DO OFFER PROTECTION AGAINST INDIAN File photo: Healthcare workers getting vaccine at Gatesville Melomed vaccination centre in Athlone. South Africa's recovery rate, however, remained stable at 95%, Mkhize said. MEET THE RUNNER WHO PLANS TO DO COMRADES BAREFOOT FOR THE DURBAN - With the landscape of the Comrades Marathon having changed due to Covid-19, a Pietermaritzburg man is using the opportunity to bring hope to the homeless in that city in a bid to help HAWKS ARREST ‘GHOST VENDING’ SYNDICATE 1 day ago · SEVEN people believed to be part of a criminal network responsible for large-scale pre-paid electricity fraud and theft were arrested by a multidisciplinary team that swooped in on various KZN HEALTH MEC LAUNCHES ’COVID-19 INFLUENCERS PROGRAMME As the province recorded one Covid-19 death in the past 24 hours, the KZN Health Department embarked on a national roadshow to encourage communities on the importance of getting vaccinated. ANC QUERIES CAPE OFFICIALS RENTING GOVERNMENT HOUSES FROM The provincial Department of Human Settlements revealed in the Western Cape legislature a number of government officials lived in government properties in areas such as Plumstead, Gardens and IOL | NEWS THAT CONNECTS SOUTH AFRICANSNEWSSPORTTECHBUSINESS REPORTENTERTAINMENTLIFESTYLE Discover the world of IOL, bringing you a mix of current news across politics, sport, business, motoring and lifestyle. Telling your stories and driving change! BREAKING NEWS FROM SA, AFRICA AND AROUND THE WORLD Top stories and news highlights from around South Africa, Africa and across the globe as they happen. Read the latest local and International news on IOL today. LATEST SOUTH AFRICAN NEWS Your comprehensive source for the latest and trending South African news, analysis and video content. Stay up-to-date with current affairs& events in SA!
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SA’s Covid cases breach 1.6m, close to 55 000 deaths recorded. By IOL Reporter 8h ago. In its daily Covid statistics media statement, the Health Ministry confirmed that 2 759 new cases wereIOL | PRETORIA NEWS
SA’s Covid cases climb by 3 285, inching closer to 1.7m mark. By IOL Reporter 1h ago. The Health Ministry announced that the cumulative total of tests conducted to date is 11 899 793 with 23 199THE STAR - IOL
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IOL | NEWS THAT CONNECTS SOUTH AFRICANSNEWSSPORTTECHBUSINESS REPORTENTERTAINMENTLIFESTYLE Discover the world of IOL, bringing you a mix of current news across politics, sport, business, motoring and lifestyle. Telling your stories and driving change! BREAKING NEWS FROM SA, AFRICA AND AROUND THE WORLD Top stories and news highlights from around South Africa, Africa and across the globe as they happen. Read the latest local and International news on IOL today. LATEST SOUTH AFRICAN NEWS Your comprehensive source for the latest and trending South African news, analysis and video content. Stay up-to-date with current affairs& events in SA!
THE POST - IOL
SA’s Covid cases breach 1.6m, close to 55 000 deaths recorded. By IOL Reporter 8h ago. In its daily Covid statistics media statement, the Health Ministry confirmed that 2 759 new cases wereIOL | PRETORIA NEWS
SA’s Covid cases climb by 3 285, inching closer to 1.7m mark. By IOL Reporter 1h ago. The Health Ministry announced that the cumulative total of tests conducted to date is 11 899 793 with 23 199THE STAR - IOL
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LATEST SOUTH AFRICAN NEWS Your comprehensive source for the latest and trending South African news, analysis and video content. Stay up-to-date with current affairs& events in SA!
WORLD NEWS: LATEST INTERNATIONAL NEWS HEADLINES Read the latest International news from the US, Europe, Asia, South America, Australia and the rest of the world. Follow the top global news stories on IOL. CAPE CONVENTION CENTRE TO TURN INTO A MASS VACCINATION SITE 11 hours ago · ONCE home to thousands of Covid-19 patients, the Cape town International Convention Centre (CTICC) is now set to be turned into a mass vaccination site.WEEKEND ARGUS
Meet Jerome, the Cape Town man who featured in Friends: The Reunion. By Nathan Adams Jun 6, 2021. Lifestyle. Virtual hackathon set to find digital solutions for township economic growth. Jun 6 LATEST CELEBRITY NEWS & GOSSIP Get all the latest celebrity and entertainment news, gossip, photos and videos online. Keep up to date with hot gossip and celebrity newsright here.
MEET THE RUNNER WHO PLANS TO DO COMRADES BAREFOOT FOR THE 10 hours ago · DURBAN - With the landscape of the Comrades Marathon having changed due to Covid-19, a Pietermaritzburg man is using the opportunity to bring hope toIOL MOTORING
Your instant fix of all things motoring, from the latest vehicle industry news to comprehensive reviews, car videos, informative features, road tests and more. RAMAPHOSA FACES QUESTIONS IN NCOP At the NCOP meeting, Ramaphosa is also expected to answer questions on the economic recovery plan. The latest figures from Statistics South Africa has shown that the economy grew by 4.6% annually. KZN HEALTH MEC LAUNCHES ’COVID-19 INFLUENCERS PROGRAMME As the province recorded one Covid-19 death in the past 24 hours, the KZN Health Department embarked on a national roadshow to encourage communities on the importance of getting vaccinated. IOL | NEWS THAT CONNECTS SOUTH AFRICANSNEWSSPORTTECHBUSINESS REPORTENTERTAINMENTLIFESTYLE Discover the world of IOL, bringing you a mix of current news across politics, sport, business, motoring and lifestyle. Telling your stories and driving change! BREAKING NEWS FROM SA, AFRICA AND AROUND THE WORLD Top stories and news highlights from around South Africa, Africa and across the globe as they happen. Read the latest local and International news on IOL today.DAILY NEWS - IOL
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IOL | NEWS THAT CONNECTS SOUTH AFRICANSNEWSSPORTTECHBUSINESS REPORTENTERTAINMENTLIFESTYLE Discover the world of IOL, bringing you a mix of current news across politics, sport, business, motoring and lifestyle. Telling your stories and driving change! BREAKING NEWS FROM SA, AFRICA AND AROUND THE WORLD Top stories and news highlights from around South Africa, Africa and across the globe as they happen. Read the latest local and International news on IOL today.DAILY NEWS - IOL
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Police vow to step up patrols in Wentworth amid new wave of shootings. By Se-Anne Rall Jun 4, 2021. Police have vowed to step up patrols and ensure more deployment, following renewed shootings inCRIME AND COURTS
Joburg mother who tested positive for Covid-19 in legal battle for custody of her son. By Norman Cloete 13h agoIOL ENTERTAINMENT
South Africa`s premier source for the latest in entertainment, showbiz & celebrity news. Check out the hottest entertainment news today! LATEST CELEBRITY NEWS & GOSSIP Get all the latest celebrity and entertainment news, gossip, photos and videos online. Keep up to date with hot gossip and celebrity newsright here.
CURRENT NEWS IN WESTERN CAPE Read the latest news stories from Cape Town and the rest of the Western Cape region. Your trusted source for local Western Cape news! EXPLORE INDEPENDENT MEDIA`S PREMIUM NEWSPAPER TITLES Independent Media is the leading newspaper group in South Africa, publishing more than 30 daily and weekly newspapers in the country’s 3 major metropolitan areas. PREMIER SIHLE ZIKALALA’S COMMUNICATIONS ADMINISTRATOR 12 hours ago · KWAZULU-NATAL Premier Sihle Zikalala said the brutal murder of a member of his staff was one of the most gruesome acts of gender-based violence committed in the province recently. HlengiweMadlala
NEWLY APPROVED AMENDED CUSTOMARY MARRIAGES ACT 20 hours ago · Last week, President Cyril Ramaphosa approved the amended Customary Marriages Bill. This is a significant step towards equality for women in ACCUSED DRUG SMUGGLER IN R5M BUST RELEASED ON BAIL 17 hours ago · ACCUSED drug smuggler Xolile Skoti has been released on R25 000 bail after being arrested with cocaine worth an estimated street value of about R5.7 million. The 39* Shop @ Loot
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Newsletter Subscribe Business Report BudgetMinister of
Finance Tito Mboweni delivers his budget speech to Parliament. Photo: Phando Jikelo/African News Agency (ANA) BUDGET SPEECH 2020 AIMS TO WIN BACK INVESTOR CONFIDENCE By Bernard Sacks Feb 26, 2020Share this article:
ShareTweetShareShareShareEmail DURBAN – Minister Tito Mboweni walked the tightrope in delivering his Budget Speech 26 February 2020. In an effort to preserve the last remaining investment grade status he had to demonstrate to the ratings agencies that South Africa was applying appropriate measures of fiscal discipline in cutting expenditure and limiting the amounts allocated to underperforming SOEs, whilst not overburdening South Africans with taxes. Personal income taxpayers received a measure of welcome relief when the Minister announced that the personal income tax brackets and the rebates (primary secondary and tertiary) would increase by 5.2 percent for the 2020/21 tax year. The bulk of this relief accrues to taxpayers earning up to R750 000. Although there had been much speculation ahead of the Budget, no VAT increase materialised. This is welcomed, given the need to stimulate the economy and promote growth. Whilst the SA corporate tax rate remains unchanged at 28 percent, the Budget Review acknowledged that South Africa’s relative competitiveness internationally has lagged over the last several years due to rates in other countries such as UK, India and USA falling. Accordingly, in an effort to promote economic growth, government intends, over the medium term, to restructure the corporate income tax system by broadening the base and reducing the rate. The base broadening proposals will involve minimising tax incentives, and introducing new interest deduction and assessed losslimitations.
THE INTENTION IS TO IMPLEMENT RATE REDUCTIONS IN A REVENUE-NEUTRALMANNER:
* Effective years of assessment commencing on or after 1 January 2021, the offset of assessed losses carried forward will be limited to 80 percent of taxable income. * Government proposes to restrict net interest expense deductions to 30 percent of earnings for years of assessment commencing on or after1 January 2021.
The benefit of tax incentives is under discussion. Sunset clauses for a number of incentives are to be introduced, while others will beunder review.
Exchange controls are to undergo further reforms. Over the next 12 months, a new capital flow management system will be put in place. All foreign-currency transactions will be allowed, except for a risk-based list of capital flow measures. This change will increase transparency, reduce burdensome and unnecessary administrative approvals, and promote certainty. The capital flow measures take account of the Organisation for Economic Co-operation and Development best-practice Code of Liberalisation of Capital Movements and are aligned with similar approaches in other developing countries. The annual limit for contributions to tax-free savings account will be increased to R36 000 – a measure intended to increase savings. In an effort to help fund the rollout of national health insurance, the increases in medical tax credits continue to be implemented below the rate of inflation. SOME OF THE INDIRECT TAX CHANGES INCLUDE: * Increasing the fuel levy by 25c/litre, consisting of a 16c/litre increase in the general fuel levy and a 9c/litre increase in the RAFlevy
* Increasing excise duties on alcohol and tobacco by between 4.4 and7.5 percent.
* Heated tobacco products will be subject to excise duties withimmediate effect
* Government intends to tax electronic cigarettes in 2021. _Bernard Sacks is a Tax Partner at Mazars. _ BUSINESS REPORT ONLINE Free Market Economy TitoMboweni Tax
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