Author: Nyasha Musviba

SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 2017/18. Bigger font size for your convience_Budget Tax Guide 2017

This article forms part of Special-Edition-Budget-Speech-Tax-and-Exchange-Control-Alert-22-February-2017 Click above to download full PDF Tax Guide for 2017/18

Author: ENSafrica Overview The South African Minister of Finance delivered his 2017 budget speech on 22 February 2017, of which some of the key points we have summarised below. He indicated that South Africa needs to raise an additional R28-billion in tax revenues and reduce spending by a total of R26-billion over the next two years. The increase in revenue will be funded mainly by the following measures: a new maximum marginal income tax rate of 45% for those with taxable income over R1.5-million per annum (an increase from the current maximum rate of 41%). an increase in the dividend withholding tax rate from 15% to 20% (effective 22 February 2017). The exemption and rates for foreign dividends will also be adjusted in line with the new rate, effective for years of assessment commencing on or after 1 March 2017. an increase of 30 cents per litre in the general Read More …

Cape Town – The question for Finance Minister Pravin Gordhan going forward is, can we be sure the spending plans are sufficiently robust to grow the economy and therefore stave off a further tax increase? With SA’s gross domestic product (GDP) growing slowly and unemployment remaining the same – therefore no new jobs – an increase in tax revenue can only go so far before taxpayers will eventually be paying more and more with no real return to the economy. This is the view of Marc Sevitz, a member of the National Tax Operations Committee of the SA Institute of Chartered Accountants (SAICA) in reaction to Budget 2017.

WATCH: Budget was pro-poor, but not populist – expert Taxpayers hit with highest marginal rate since ’94 Gordhan aims to soothe tensions with SARS Cape Town Finance Minister Pravin Gordhans 2017 Budget Speech was one that was drafted in difficult times amid revenue shortfalls, slow economic growth, increasing government debt and uncertainty about his tenure as political head of the National Treasury. As was widely speculated, Gordhan announced a new personal income tax bracket for South Africans earning more than R1.5m who will be taxed at 45%, while providing limited relief for fiscal drag. Gordhan did not raise the marginal tax rates for taxpayers in the 18% to 41% tax brackets, but provided very limited tax relief for this grouping.

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