Corporate taxpayers and their assessed losses not out of the woods just yet, says BDO Finance minister Tito Mboweni proposed that the corporate income tax rate be lowered to 27% for corporate taxpayers with years of assessment starting on or after April 1 2022 By Nato Oosthuizen and Jacqueline Delport - 25 February 2021
BDO South Africa Finance minister Tito Mboweni delivers his 2021 budget speech in parliament in Cape Town on February 24 2021. Image: Esa Alexander/Sunday Times
In the 2020 budget speech, finance minister Tito Mboweni proposed that there would be a restriction on the carry forward of assessed losses to be set off against taxable income with impact on years of assessment starting on or after January 1 2021.