The National Assembly has passed bills that will directly impact businesses and their reporting structures. The bills include the South African Post Office SOC Ltd Amendment Bill and the Competition on Companies Second Amendment Bill. Additionally, three money bills related to the budget have also been passed.
The National Assembly has passed a host of bills this week, including two that will directly impact businesses and their reporting structures . The South African Post Office SOC Ltd Amendment Bill and The Competition on Companies Second Amendment Bill.
The three money bills – the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, the Taxation Laws Amendment Bill, and the Tax Administration Laws Amendment Bill – are all related to the budget and form a typical annual process by National Treasury. One of the proposals in the Rates Bill is to adjust tax tables and rebates to account for an estimated inflation rate of 4.9%. The Bill also proposes to adjust medical tax credits to account for the estimated inflation of 4.9%. Medical tax credits are deductions that taxpayers can claim to offset the cost of medical scheme contributions
National Assembly Bills Businesses Reporting Structures South African Post Office SOC Ltd Amendment Bill Competition On Companies Second Amendment Bill Money Bills Budget Tax Tables Rebates Inflation Medical Tax Credits Deductions Taxpayers Medical Scheme Contributions
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