Sunday, March 9, 2008

Tax boost for small business

Small businesses are set to receive tax relief from finance minister Trevor Manuel.

Announcing several tax proposals in his 2008 budget speech, Manuel revealed government would take further steps to reduce the tax compliance burden on small businesses.

The budget review explains these measures are aimed at supporting small businesses, reducing compliance costs and encouraging the formalisation of informal businesses.

These initiatives will see small businesses within the revenue threshold accessing presumptive tax systems, as well as tax incentives for venture capital investors looking at qualifying small enterprises and start-ups.

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