Small and medium enterprises (SMEs) are a major driving force behind Singapore's economy. According to Singstat, in 2021, SMEs made up 99 per cent of all companies in Singapore, employing 71 per cent of the workforce, and contributed 48 per cent of nominal value. The importance of the sector isn't lost on the government, which has rolled out several support.
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On 24 May 2023, the South African Revenue Service (SARS) released Interpretation Note 129 (IN129), which provides clarity on the interpretation and application of the phrase “maximum tax rate applicable to the taxpayer” in section 222(5) of the Tax Administration Act 28 of 2011 (“TAA”). This is specific to when the applicable tax rate to the shortfall of payment of tax, by a taxpayer, as a result from an understatement of their tax liability is applied under subsections (3) and (4). SARS stated in IN129 that the main purpose of the understatement penalty regime, which aims at ensuring consistent and equal treatment of taxpayers in comparable circumstances, is to deter behaviours that result in non-compliant reporting.
South Africa’s tax system is a complex framework that ensures the government can finance public services, stimulate economic growth, and address social challenges.