As previously reported, South Africa's 2020 tax amendment acts were published in the Official Gazette on 20 January 2021. The amendments provided in the main amendment acts are summarized as follows:
For rates in particular, the Rates and Monetary Amounts and Amendment of Revenue Laws Act (22 of 2020) includes the following:
- The rates of normal tax on taxable income of natural persons are as follows for any year of assessment commencing on or after 1 March 2020:
- up to ZAR 205,900- 18%
- over…