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 [...]