Author: Carin Smith (Fin24). Cape Town – The property market, which is fuelled by sentiment, and Budget 2018 on the back of the election of President Cyril Ramaphosa are expected to go a long way towards reaffirming investor confidence in real estate, according to Dr Andrew Golding, chief executive of the Pam Golding Property group. Golding said an interesting aspect of the Budget Speech is the proposal that some 195 000 government-owned properties with an estimated value of over R40bn would either be better used or sold in the short to medium term. This could unlock revenue as well as opportunities for property development and redevelopment.
Category: Budget 2018/19
SA Budget 2018: Will you pay more or less tax on your salary?
Author: Jaco Leuvennink (Fin24.com). Cape Town – The government will raise an additional amount of R36bn in taxes in the coming fiscal year through an increase in the VAT rate to 15%, as well as below-inflation adjustments for personal income tax brackets. That means the government will collect more income tax, but does it mean you will pay more or less income tax in the next year? It all depends on increases in your salary over the next year. If your salary goes up, you will pay more, but if it stays the same, you will actually pay less. Looking at the tax tables, people earning from R85 000 to R150 000 per annum will pay R432 per year less income tax.
SA Budget 2018 – South Africans to pay higher VAT for first time in two decades
Cape Town – South Africans will be paying a higher rate of VAT for the first time since 1993 from April 1. Finance Minister Malusi Gigaba announced on Wednesday that the VAT rate will be increase by one percentage point from 14% to 15%, and is expected to raise an additional R22.9bn. Some basic food stuffs, as well as paraffin, will remain zero rated. The increase is part of tax policy proposals included in Gigabas maiden budget to raise R36bn in additional tax revenue for the 2018/2019 financial year.
Anything but a ‘Robin Hood’ budget – Ndungane
Cape Town – The 2018 budget is an example of robbing the poor to buttress the rich and is anything but a Robin Hood budget, according to Anglican Archbishop Emeritus Njongonkulu Ndungane. The Archbishop said that far from taxing those who can afford to pay, the governments budget effectively robs the poor of any hope in the short term of improving their lot.
Fin24 – Budget in a nutshell: New hope amid VAT and other tax hikes
Author: Jaco Leuvennink (Fin24). Cape Town – Building on the sense of a new beginning created by President Cyril Ramaphosa’s State of the Nation Address on Friday, Finance Minister Malusi Gigaba’s Budget Speech in the National Assembly on Wednesday afternoon was all about rebuilding and restoration in challenging times. This is a tough but hopeful budget,” he said at the start of his speech. This is probably a fair comment, seeing that the risks and pressures were also acknowledged.
2018 Budget Speech Highlights and 2018/2019 PKF Tax Guide
Finance Minister Malusi Gigaba delivered his maiden 2018 budget speech on 21 February 2018. The highlights of the tax related budget proposals announced by the Minister are as follows: As from 1 April 2018, the VAT rate increases from 14% to 15%. As from 1 March 2018, the Donations Tax rate increases from 20% to 25% in respect of donations in excess of R30 million. As from 1 March 2018, the Estate Duty rate increases from 20% to 25% in respect of the value of dutiable estate in excess of R30 million.
CDH Special Edition Budget 2018 Alert
CDH Special Edition Budget 2018 Alert Cliffe Dekker Hofmeyr Tax-and-Exchange-Control-Alert-Budget-Speech-2018-21-February-2018
VAT Changes from the Budget Speech 2018
Authors: Seelan Muthayan and Ayanda Masina (BDO South Africa). Increase in the VAT rate The Minister of Finance in the budget speech announced an increase in the VAT rate to 15%. The much anticipated increase is the first increase in the VAT rate since 1993. The VAT rate will increase with effect 1 April 2018. The provisions of the VAT Act relating to the application of an increase in the tax rate will apply to transactions where the applicable tax rates overlap. To counter the effect of the increase in the VAT rate, relief will be granted in the form of the current zero rating of basic foodstuff and an above average increase in social grants. Electronic Services Amendment of the Regulations In 2014, National Treasury brought electronic services provided by foreign businesses/ non-residents to South African residents into the South African VAT net. This new activity/type of supply was Read More …
Budget 2018 No real Surprises!
Ferdie Schneider, National Tax Head and Tax partner at BDO South Africa. Yesterday, Minister Gigaba delivered his first budget speech for the 2018/19 fiscal year. The budget follows the December 2017 election of Cyril Ramaphosa as ANC president, and more recently his election as the fourth President of the democratic South Africa. This budget is believed by many to be one of the most important budgets in many years as it follows the end of the Zuma era, which was characterised by an underperforming economy, fraud, corruption, and political instability.