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South Africa: SME Report out for Public Comment
Source: www.sanews.gov.za
Source Date: Thursday, August 28, 2014
Focus: Citizen Engagement
Country: South Africa
Created: Aug 28, 2014

Minister Nene subsequently announced in the 2014 Budget Review that two SME recommendations by the committee have been accepted, and that the SME report will be released for public comment.
The report covers the following areas relating to the taxation of SMEs:
• 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 Value-Added Tax requirements for SMEs; and
• The impact of the new Employment Tax Incentive on SMEs.
Comments on the SME interim report can be sent 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.
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