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Unhappiness about implementation date of dividend tax hike

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Cape Town – Government’s decision to increase the rate of a dividend withholding tax and apply it from 22 February 2017 when the Budget Speech took place creates tax uncertainty, Parliament was told on Tuesday.

The standing committee on finance hosted public hearing on the Rates and Monetary Amounts and Amendment of the Revenue Laws Bill, which will enable tax rates changes announced during the 2017 Budget.

In the submissions made on the tax proposals both the SA Institute of Tax Professionals (SAIT) and the SA Institute of Chartered Accountants (Saica) criticised the date on which the increased dividend withholding tax will come into effect.

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