Tax Flash - May 2012

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The May edition of Tax Flash focuses on the proposed amendments to the Income Tax Act announced by National Treasury on 13 March 2012. We also consider the effect of the budget speech on SME's and keep you updated on important new releases from SARS.

Article 1: Proposed changes to the Income Tax Act

The Taxation Laws Amendment Bill contains a large number of corrections to the Act necessitated by the Taxation Laws Amendment Act of 2011. The majority of proposed amendments are highly technical but nevertheless deserve careful consideration.

Article 2: The Budget and SMEs

David Warneke considers the effect of the announcements made by the Minister in the budget speech on small and medium size businesses.

Article 3: What's new from SARS?

2012 has seen the release of a large number of new interpretation notes and draft interpretation notes from SARS. We provide a summary of the latest releases for your easy reference.

Announcement

Dividends tax returns have gone live and are available on e-filling or at your local SARS branch. SARS has issued guides to the completion of the DTRO2 form which you can access here:
A guide to completing and submitting the DTR02 dividends tax return
A guide to the declaration of dividends tax via e-filing