Tax Talk Issue 27 | March/ April 2011
The National Budget for 2011/2012 has just been unveiled. As predicted, job creation was at the top of the list. There were no major surprises in this year’s budget; however, the door
has been left open for various initiatives to be researched over the next year. As expected, dividends tax will replace the old secondary tax on companies. The old favourite, sin tax, received the same increase that has been levied for the last few years. A document for public discussion will be released in July which will probably pave the way for much higher excise duties in next year’s budget. Interesting that a withholding tax of 15% on all gambling winnings over R25 000 has been introduced. This begs the question, will there be a deduction allowed for gambling losses?
Lee-Ann Steenkamp from the University of Stellenbosch has produced this year’s snapshot of the budget for TAXtalk and we hope that this will give you the budget information that you require in an easy-to-read format. The budget speech is available on our website, www.taxtalkblog.com.
In this issue, we have a special supplement on various aspects of transfer pricing, including the challenges of Ghana and Liberia in coming to terms with transfer pricing, which feature under our Africa section. Transfer pricing has become a very topical subject with many large multinational corporations having to relook at their structures very carefully to avoid investigative audits by revenue authorities.
TAXtalk is broadening its horizons into Africa and we will, in future issues, be featuring articles from other countries on our continent. If you wish to contribute an article on this subject, please contact the editor.
We trust that our subscribers enjoy the new look TAXtalk and look forward to hearing from you.
Until next time.
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