- The compulsory VAT registration threshold for South African businesses has been raised from R1 million to R2.3 million.
- This adjustment, the first since 2009, aims to reduce administrative burdens on SMEs and support business growth.
- The change was influenced by public suggestions, including a small business owner from Gauteng.
- The capital gains tax exemption for the sale of small businesses by older persons has increased from R1.8 million to R2.7 million, and applies to businesses worth up to R15 million.
- These measures are intended to provide more tax relief and support for small business owners.
Source: businesstech.co.za
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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