PwC 2013 Tax Budget Comments Personal Income Tax Higher income tax earners will have R231,25 less income tax to pay per month, assuming they have a basic annual taxable income of R700,000. Lower income tax earners will pay R86 less income tax annually, assuming they have an annual basic taxable income of R165, 600.The individual threshold for submitting a tax return was raised from R120,000 to R250,000 per year. This means that taxpayers that have taxable income of less than R250,000 annually will not be required to submit tax returns.
Tag: Carbon Tax
OECD Backs South African Carbon Tax Plans
by Ulrika Lomas, Tax-News.com, Brussels The Organization for Economic Cooperation and Development (OECD) has recommended that South Africa speed the implementation of a carbon tax to leverage fiscal space to enhance the tax regime. It has recommended that an environmental levy could provide a significant new revenue stream that would allow authorities to cut taxes on corporate profits and improve job creation and employment incentives to foster stronger economic growth.
Carbon tax – writing on the wall?
A renewed interest in the concept of carbon pricing was ignited by the publication of the “Discussion Paper for Public Comment Reducing Greenhouse Gas Emissions: The Carbon Tax Option” (the “Discussion Paper”) published by the National Treasury in December 2010.
Carbon taxes
We have been following the space on the proposed Carbon Tax carefully. There is currently a lot of controversy in Australia concerning a Carbon Tax. Julia Gillard the Prime Minister, said when speaking on a wind farm in New South Wales “the government is committed to a renewable energy target, that 20% of the energy that we use comes from renewable energy sources by 2020, but that renewable energy target was always designed to work with the price on carbon”. Her belief is that to build towards a clean energy future it is imperative for the Australians to price and tax carbon emissions. It appears that that price will