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Our Finance minister, Tito Mboweni delivered a largely optimistic 2020 Budget Speech yesterday. The minister’s speech contained no radical tax changes. Tax rates for the coming year are set to remain largely the same (barring inflationary related adjustments).
In contrast to many of South Africa’s trading and investment partners, the South African corporate income tax rate of 28% has remained unchanged for more than a decade. In particular, the corporate income tax rate of the United States, the United Kingdom and India have recently been reduced to 21%, 19% and 22%, respectively.
