New taxs will allow concessions for more companies
Finance Minister Trevor Manuel is expected to introduce a group basis of taxation for companies in next weeks Budget, says Charles de Wet, a tax partner at PricewaterhouseCoopers in a report in Business Day.
The introduction of a group basis of taxation would fit in with new rules on restructuring of companies contained in the Income Tax Act, De Wet told the paper. The new rules on restructuring promulgated on February 1 will enable more companies to qualify for tax concessions than the old rules did. Full Business Day report