Annual Budget and Tax Update: Part 2
Presenters : Diane Seccombe
Overview
Minister Godongwana will deliver his maiden Annual Budget Speech on 21 February 2024 this year.
The Annual Budget Speech remains one of the most anticipated events on the financial calendar. The Minister faces the many challenges brought about by electricity and infrastructure constraints, a sluggish economy and an election year. While some sectors of the economy, tourism for example, have almost returned to pre-COVID levels, the issues of a stagnant economy, lack of investor confidence, high unemployment, and an ever-shrinking tax base remain. All these factors make it extremely difficult to ‘balance the budget.’
There is much speculation around the fiscal and tax policy changes the Minister may propose to both stimulate the economy and assist persons living below the poverty line. As taxes have a critical impact on taxpayers' profits and take-home pay, these announcements will have an important impact on financial and business decisions.
The 2024 Annual Budget and Tax Update will unpack the tax proposals announced in the Budget Speech to enable attendees to understand the full impact of these changes. In the workshop, Diane Seccombe will explain the proposals in a practical and comprehensible manner so that attendees can understand the proposals and their impact on business and personal finances.
Content
-
Tax issues raised in 2024 Budget Speech
-
Cessation of residence and changes retirement fund and tax free investment contributions
-
Retirement Fund transfers for member over 55
-
Taxation of non-resident SA trust beneficiaries and negative tax implications
-
Deduction of expenses against interest income and repeal of Practice Note 31
-
Loans to offshore trusts in a foreign currency
-
Allowance and recoupment in respect of expenses incurred on plant and machinery used in production of renewable energy
-
Asset for shares swaps and cost of assets acquired
-
VAT and residential property developers.
-
Tax administration amendments.
-
Recent selected court judgments and new SARS rulings and interpretations.
Competencies developed in this video
After attending this video, you will be:
• Informed about the best solutions to resolve current taxpayer issues.
• Competent to efficiently and proactively resolve current issues experienced in your practice.
• Able to guide your staff to effectively assist/support clients with their systemic tax issues.
• Informed about available resources to resolve taxpayer issues.