Article – Limitation of Assessed Losses & Change in Corporate Tax Rate

SAICA CPD Competency: Tax Planning

Type of CPD Activity: Article

Summary / Description: In his budget speech on 23 February 2022, the Minister of Finance enacted an amendment to section 20 of the Income Tax Act. The amendment, which limits the utilization of assessed losses, aligns National Treasury’s reduction in the corporate tax rate from 28% to 27%. This publication provides a practical and concise view of the impact of these amendments.