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The updated SME interim report is now available for public comment

by , 28 July 2014
Last year, former Finance Minister, Pravin Gordhan, set up a Tax Review Committee led by Judge Dennis Davis. The Davis Committee is currently reviewing the country's tax laws and their effectiveness.

As a small business owner, you'll be glad to know the latest development is an updated Small and Medium Enterprise (SME) interim report is now available for public comment.

Read on to find out what changes the committee suggests so you can submit your comments to the National Treasury.

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Good news! An updated SME interim report is now available for public comment
 

In the beginning of the year, the Davis Committee gave the finance minister an SME interim report.
 

That report has now been updated and is available for public comment.
 

According to taxcom.org.za, the report covers the following areas about SME taxation:
 

  • The role of SMEs in the economy;
  • The definition of a small business;
  • Challenges facing SMEs, especially the tax compliance burden;
  • A review of income tax incentives for small business corporations;
  • A review of the income tax incentive for 'venture capital companies' to fund small businesses;
  • A review of the alternative presumptive turnover tax system for 'micro businesses';
  • A review of the Vat requirements for SMEs; and
  • The impact of the new Employment Tax Incentive on SMEs.

 

The ball is now in your court. If you want to raise any issues, check out the full report on www.taxcom.org.za or on the National Treasury website www.treasury.gov.za.
 

You can send your comments by e-mail to www.taxcom@sars.gov.za or by post to PO Box 2344, Brooklyn Square, Pretoria, 0075. The closing date for comments is 31 August 2014.


We'll keep you updated on new developments regarding the Davis Committee so you'll be aware of any changes to tax law and comply.
 

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