Tax committee calls for public input
The Davis Tax Committee (DTC) has called on stakeholders to contribute ideas and propose solutions to ease the tax burden and tax mix faced by small businesses.
The eight-member tax review committee, established by Finance Minister Pravin Gordhan earlier this year and chaired by Judge Dennis Davis, was currently reviewing how the tax generated in South Africa could be better exploited for economic growth opportunities.
The team was tasked with analysing the potential of promoting growth, creating jobs, ensuring sustainable development and developing fiscal self-reliance through the use of the revenue generated by the South African Revenue Service, while taking the National Development Plan’s ambitions into account.
The DTC prioritised the establishment of specialist subcommittees on small businesses – the appropriateness of the tax base and tax mix in South Africa and base erosion and profit shifting, for which stakeholders were invited to provide input by November 30 and January 31 respectively.
Now, the DTC is calling on the public for its input on ways in which the tax system could be improved to facilitate entrepreneurship and the growth of small businesses, as the committee reviews the various existing tax packages that have been set up to encourage the growth of small businesses.
The panel, aiming to “find an optimal tax package that assists small businesses in contributing towards economic growth and reducing the high unemployment rate,” was open for contributions on this subject until November 20.
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