The Budget for 2007/08 was presented to Parliament by the Minister of Finance on 21 February 2007. Details of the Budget which, unless otherwise indicated apply from 1 March 2007, are summarized below. All amounts are in the South African rand. Direct taxation (a) Corporate taxation. The changes include: -   the tax on retirement funds will be abolished; -   the secondary tax on companies (STC) will be phased out and replaced by a dividend tax. Accordingly, with effect from 1 October 2007, the STC rate will be reduced from 12.5% to 10%. In 2008, subject to the renegotiation...