2021 Budget and Impact on Business
By many accounts the 2021 Budget Speech delivered on 24 February 2021 by Minister of Finance, Tito Mboweni, was not very controversial. The Minister did, however appear to announce some good news for companies with a decrease in the rate of corporate tax effective for years of assessment starting on or after 1 April 2022. However, in the same breath he announced that “[t]his will be done alongside a broadening of the corporate income tax base by limiting interest deductions and assessed losses..” In this, the Minister confirmed that the previously announced widening of the interest limitation rules and restriction on the use of assessed losses are also intended to take effect from 2022.
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