No new tax measures for distressed companies, says Mboweni

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The finance minister said the corporate tax regime already contained automatic stabilisers as a tax on profits. titomboweni finance tax

“Two of these measures applied to corporations, namely delaying the base-broadening measures I had announced in the previous Budget and deferrals for provisional tax payments. These measures have now run their course.”

“Companies that face financial distress can utilise the existing tax administrative measures to apply for hardship relief. To aid the medium-term recovery, I announced in the 2021 Budget speech the overall intention to restructure the corporate income tax system in a revenue neutral manner, through a combination of a tax rate reduction and base-broadening measures.

The minister said a corporate income tax regime characterised by a broad base and a lower rate was simpler with less loopholes and required less onerous anti-avoidance legislation. He said tax incentives provided certain taxpayers/industries with preferential treatment compared to what was generally available to all, creating opportunities for vested interests and lobby groups.

 

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