The tax year for individuals is from 1 March to the 28th or 29th of February of the following year.
A tax year, on the other hand, differs from a typical calendar year, which runs from January to December.
The tax year is designated by the final year of operation, for example, the 2024 tax year begins on March 2023 and concludes February 2024.
The tax year of a company however is not limited to the above and can end on any given month.
The 2025 South African Budget Speech introduced several key changes that impact small and medium-sized enterprises (SMEs). As an accounting firm, we understand the challenges of navigating tax adjustments, economic policies, and financial planning. This article breaks down the key takeaways from the budget and how they will affect your business. 1. Economic Outlook: A
The 2024 Budget Speech in South Africa has unveiled a series of fiscal measures and spending programs that aim to balance economic growth with fiscal responsibility. This year’s budget is particularly noteworthy given its proximity to the upcoming elections, a factor that seems to have influenced the government’s cautious approach to major tax changes. The
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