ARTICLE · 06 MARCH 2014

Tax: 2014 Budget Summary

KPMG, South Africa

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Finance Minister Pravin Gordhan delivered his 2014 Budget Speech on 26 February 2014.

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Finance Minister Pravin Gordhan delivered his 2014 Budget Speech on 26 February 2014. KPMG gives a summary of the most notable tax proposals.

While we did not anticipate major Tax changes in the current year, the complexity and challenges of the existing Tax environment means that it is time for Tax to be a board room level topic again. KPMG is committed to assisting you navigate these turbulent waters and we will be sharing our thought leadership and new service offerings in this regard over the coming weeks and months.

General corporate tax proposals

Limitation of interest deductions for reorganisations and acquisitions: In order to address certain anomalies relating to interest deduction limitations on reorganisations and acquisitions, it is proposed that such limitations be relaxed by ignoring assessed losses brought forward from prior years. Further, interest deductibility should increase when the average repo rate exceeds 8% (instead of the 10%

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