Monthly Archives: February 2017

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Cecil Kilpin | March 2017 Newsletter

By |2022-01-21T11:38:23+02:00February 28th, 2017|Accounting, Newsletter, Tax|

2017 Budget Speech – Highlights Finance Minister, Pravin Gordhan, began his 2017 budget speech by emphasizing the harsh reality facing South Africans:  unemployment is extremely high, economic growth is slow, and many businesses and families are under considerable stress. In an effort to address this challenging situation, the tax proposals this year are expected to raise an additional R28 billion.  The central thrust of government’s spending programmes will continue to be redistribution in support of education, health services and municipal functions in rural areas. Some of the main tax proposals outlined in the budget were as follows: A new top personal income tax rate of 45 % for those with taxable incomes above R1.5 million, combined with partial relief for bracket creep An increase in [...]

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Cecil Kilpin | February 2017 Newsletter

By |2022-01-21T11:43:57+02:00February 14th, 2017|Business, Newsletter, Tax|

National Budget Day, 22nd February 2017 The Treasury recently confirmed that Finance Minister Pravin Gordhan will present South Africa’s National Budget to Parliament on Wednesday, 22nd February 2017. South Africa’s slower economy last year resulted in tax revenues falling well short of expectations, and this shortfall must now be dealt with.  To ‘balance the books’, government spending will have to be cut even more, and taxes will have to be raised. In October 2016, it was proposed in the medium-term budget policy statement (MTBPS) that a further R26-billion in reductions to the public expenditure ceiling would have to be implemented over the next two years.  New tax measures amounting to R13-billion in the 2017-2018 financial year were proposed. Combined with the higher taxes announced in [...]

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