On 17 July 2014, South Africa's National Treasury issued the 2014 draft Taxation Laws Amendment Bill and the 2014 draft Tax Administration Laws Amendment Bill for public comment. Written comments on the bills are should be submitted by close of business on 17 August 2014.
The following outlines the main amendments in regard to business taxation contained in the bills:
- Replace the current progressive tax rate system for the taxation of small business corporations (SBC) with the standard flat…