President Cyril Ramaphosa has approved several tax changes for South Africa by signing the Rates and Monetary Amounts and Amendment of Revenue Laws Act, Taxation Laws Amendment Act (TLAA), and the Tax Administration Laws Amendment Act (TALAA) into law. Here are the key changes included in the acts that taxpayers should know. Assessed losses will be restricted The TLAA enacts the proposal to restrict the offset of the balance of assessed losses carried forward to 80% of taxable income. To cater for all sectors and recognise that not all companies have sufficient cash flow to face an additional tax burden … Continued
