Corporate Income Tax

Rate Reduction and Changes to the Treatment of Assessed Losses


The Minister of Finance in his Budget Speech in February 2022 announced a reduction of the companies’ tax rate from 28% to 27% with effect from years of assessment ending on or after 31 March 2023. The reduction in the corporate tax rate was accompanied by a change to the treatment of assessed losses (section 20 of the Income Tax Act, 1962 (the ITA)) and a further limitation of interest deductions (section 23M of the ITA).

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