Tax changes came into effect on 01 July 2013 relevant to
businesses. These changes are the result of the National Budget for
the new fiscal year 01 July 2013 – 30 June 2014.
At a glance, the tax changes are as follows:
- Commercial banks now taxed on turnover: Commercial
banks are now subject to a 3% business licence tax on gross
turnover. Formerly, business licence taxes for banks and trust
companies were based on assets as per the bank's or trust
company's last audited financial statements. This tax change
does not apply to credit unions and insurance companies (Business
Licence (Amendment) (No 3) Act, 2013).1
- Business Licence tax increase for businesses with a
turnover in excess of $5 Million: applicable business licence
tax rates on turnover are now as follows:
