Taxation in South Africa

With one hand, the 2025 state budget “gives” €1.1 billion for new benefits, tax breaks, and measures to support the economy. However, with the other, it “takes,” as rising incomes lead to a corresponding increase in tax revenues.

The automatic imposition of fines will be activated from next month by the Independent Authority for Public Revenue (AAΔE) on taxpayers who are late in submitting income tax, VAT and withholding tax returns. The notices will be sent electronically via email and the myAADEapp application.

Electronic payment methods and real-time monitoring of expenses and revenue streams have made individuals and corporations more likely to pay their dues in time, data from the Independent Authority for Public Revenue show.

The tax administration has identified thousands of cases of parental benefits with money from the mattress.

That is, parents deposited cash into their children's bank accounts, while the legislation explicitly states that parental benefits must be made by bank transfer or bank check. In all these cases the tax office assessed a tax of 10%.

Taxpayers who choose to pay the total amount of their income tax dues this year in one lump sum by July 31 will secure a 3% discount, according to the amendment the National Economy and Finance Ministry submitted in Parliament.

With the final deadline for submission of income tax statements at 3 p.m. Thursday, tax authorities announced that additional tax payments - beyond tax withheld at source, mostly for salaried employees and pensioners - was 12.5% higher than last year.

Cyprus' Cabinet approved several important measures on Wednesday, including a bill on tax rebates for businesses for energy upgrades, an extension of the tax payment deadline and a suspension of the obligation to file tax returns for individuals with a taxable income below 19,500 euros.

There are more than 1,000 persons from abroad, who transferred their tax residence to Greece after the provision of tax incentives that provide for the payment of half income tax and half solidarity contribution for 7 years.

The online platform for the submission of tax declarations concerning 2018 incomes opened on Thursday and will be accepting taxpayers' statements until June 30.