Saica: Summary of budget proposals

Saica News Comprehensive notes on various tax; tables included. The following is a summary of the tax related budget proposals announced by the Minister of Finance on 27 February 2013. BUDGET HIGHLIGHTS The main tax proposals for 2013 include the following: • An employment tax incentive targeted to support young workers and those employed in special economic zones. • Individuals whose taxable income is from one employer and is below R250 000 a year are not required to submit income tax returns. • Levies on fuel increase by 23c per litre from 3 April 2013.