n Tax Breaks Newsletter - The budget's VAT changes : budget 2006

Abstract

Extracted from text ... BUDGET 2006 6 March 2006 Moneyweb's TAX BREAKS KMPG highlights the most pertinent Value-Added Tax proposals made in the 2006 National Budget Review: SMALL BUSINESSES AND FARMERS The VAT registration threshold for small farmers and small businesses will increase from R1 million to R1.2 million for tax periods on or after 1 July 2006. This will improve the economic environment for small business. The Budget's VAT changes By KATHY THERSBY ZERO-RATING OF MUNICIPAL PROPERTY RATES Municipal property rates will be zero rated with effect 1 July 2006. This would result in municipalities being able to unlock input tax incurred ..