On 26 February 2020, the South African Minister of Finance presented the Budget for 2019 in parliament. As provided in Chapter 4 - revenue trends and tax proposals of the Budget Review, two of the main tax proposals include new restrictions on the deduction of interest and the offset of carried forward losses. Curtailing excessive corporate interest deductions The government proposes to restrict net interest expense deductions to 30% of earnings for years of assessment commencing on or after 1 January 2021. This measure will address a typical form of base erosion and profit shifting by multinational corporations. This practice...