Www.pwc.com Creating certainty Budget 2013 Business School.

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Presentation transcript:

www.pwc.com Creating certainty Budget 2013 Business School

Agenda General comments Proposals welcomed Concerns National Treasury legislation drafting

Tough conditions & Difficult choices General Comments We recognise … Tough conditions & Difficult choices We applaud … More efficient spending (rather than increasing taxes) Tax proposals … Welcomed, overall Concerns about prioritisation

Aspects welcomed

Aspects welcomed Individuals Tax rate relief Retirement contributions Increase in deduction limits Tax preferred savings & investments Incentive for youth employment

Aspects welcomed Business Small business relief Special economic zones Certainty on interest- deduction restrictions Gateway subsidiaries Registration & Filing Tax Clearance Certificates

Concerns

Concerns Personal income tax burden 10% will pay 60% Capped contributions to retirement funds Conduit principle for Trusts Withholding Tax on service fees Carbon Tax Prioritisation

National Treasury – Legislation drafting Drafting resource-constraints persist Increasing incidence of anomalies and errors Policy debates not being addressed Period of consolidation required

Tough conditions & Difficult choices General Comments We recognise … Tough conditions & Difficult choices We applaud … More efficient spending (rather than increasing taxes) Tax proposals … Welcomed, overall Concerns about prioritisation The cap on retirement contribution deductions was also a proposal in the 2011 Budget speech which has been deferred to 1 March 2014. The original proposal has also been revised with the limitations proposed now applying to over and under 45 years of age with a capping of 22.5%/27% limited to R250 000/ R300 000 respectively. A de minimus deduction is also proposed of R20 000 where the percentages would be exceeded. A rollover dispensation similar to the current RAF regime will also apply. The CGT inclusion rate will be increased from 25% (eff: 10% at marginal rate) to 33.3% (eff:13.33% at marginal rate). However the primary residence, annual exclusions and other thresholds have been increased. The personal service provider company rate is reduced to 28% which possibly is a result of the reduced arbitrage in effective tax rate with dividends tax at 15% which would have created a 43% effective tax rate for these entities and is now reduced to 38.8% The increase of the dividends tax rate to 15% is a considerable additional cost to individuals who have invested in companies and is a disincentive to savings. This is seemingly an about turn as the first phase of the replacement of STC with the dividends tax was a reduction of the STC rate from 12% to 10%. The conversion to medical tax credits was already announced in last years budget. All expenditure will now be subject to the credit regime from 1 March 2014 with taxpayers under 65 being entitled to a credit for medical expenditure in excess of 7.5% of taxable income of 25%. It is now confirmed that the elderly and people with disabilities will also convert to the credit regime from 1 March 2014 at 33.3% for expenses in excess of 3x the medical scheme credits. Post retirement medical aid contributions will now also be taxable fringe benefits which can be converted to tax credits.

Questions ... This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers Inc, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2013 PricewaterhouseCoopers (“PwC”), a South African firm, PwC is part of the PricewaterhouseCoopers International Limited (“PwCIL”) network that consists of separate and independent legal entities that do not act as agents of PwCIL or any other member firm, nor is PwCIL or the separate firms responsible or liable for the acts or omissions of each other in any way. No portion of this document may be reproduced by any process without the written permission of PwC.

www.pwc.com Creating certainty Budget 2013 Business School