2017 Budget Talk with Mazars Group

We were privileged to have MAZARS group present some SA 2017 Budget Speech updates to help businesses strategically grow. We’ve created a little highlight reel that you can watch below. With the help of Mazaars, we also list the key highlights from the 2017 Budget Speech.

The key takeaways from the 2017 Budget Update
  • New personal income tax bracket of 45% for taxable incomes above R1.5 million
  • All rebates and taxable income bracket amounts will be increased by 1 per cent from 1 March 2017
  • Tax rate for trusts other special trusts has been increased to 45%
  • Dividend withholding tax rate increased to 20%
  • The annual allowance for tax-free savings accounts will be increased to R33 000
  • Anti-avoidance measures will be expanded to prevent taxpayers utilising companies as a conduit for low-interest loans to trusts
  • With respect to employer-provided exempt bursaries, it is proposed to increase the income eligibility threshold for employees from R400 000 to R600 00, and the monetary limits for bursaries from R15 000 to R20 000 for education below NQF level 7, and from R40 000 to R60 000 for qualifications at NQF level 7 and above
  • The exemptions from income tax for employees working outside South Africa for more than 183 days a year is to be narrowed to only apply where the income is subject to tax in the foreign country
  • A 30c / litre increase in the general fuel levy
  • A 9c / litre increase in the Road Accident Fund Levey
  • The duty-free threshold  on purchases of residential property will be increased from R750 000 to R900 000, effective 1 March 2017
  • Sugar Tax to be implemented as soon as necessary legislation is approved by Parliament
  • A revised Carbon Tax Bill will be published for public consultation and tabled in Parliament by mid-217
  • Excise duties on alcoholic beverages and tobacco products will increase by between 6.1 per cent and 9 per cent

 

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