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National Budget Speech - 22 February 2017
#16
Padjakkels will you add the video stream when it comes online?
Register on Platinum Wealth (My referral link)

#17
(02-20-2017, 10:50 AM)padjakkels Wrote: >>>An increase in VAT is a tax that affects all classes of consumers, which is why Treasury would probably encounter pushback if they plan on increasing it, Troost pointed out.

#downwithVATincrease

How many votes will ANC loose if they raise the VAT...just wondering...

Hiking VAT is political poison pill especially if its bumped up to 18%.

How about cutting the R25billion "irregular expenditure" incurred last year...
the theft is rife and must be stopped !!!!

#18
Here we go...

#19
(02-22-2017, 02:04 PM)Hamster Wrote: Here we go...

Dividend Withholding tax is now 20% was 15%

#20
The main tax proposals are:

• A new top personal income tax rate of 45 per cent for those with taxable incomes above R1.5 million.

• An increase in the dividend withholding tax rate from 15 per cent to 20 per cent.

• Limited bracket creep relief, increasing the tax free threshold from R75 000 to R75 750.

• An increase of 30c/litre in the general fuel levy and 9c/litre in the road accident fund levy.

• Increases in the excise duties for alcohol and tobacco, of between 6 per cent and 10 per cent.

Relief will be provided in the affordable housing market through an increase in the threshold above which transfer duty is paid from R750 000 to R900 000. The annual allowance for tax free savings accounts will be increased to R33 000. The medical tax credit will be increased in line with inflation this year. It should be noted though that consideration is being given to possible reductions in this subsidy in future, as part of the financing framework for National Health Insurance.

Further consultations are currently taking place on the tax on sugary beverages. Arising from these discussions, and working closely with the Department of Health, the proposed design has been revised to include both intrinsic and added sugars. The tax will be implemented later this year once details are finalised and the legislation is passed.

The proposed carbon tax and its date of implementation will be considered further in Parliament this year.

#21
TFSA limit: R33k pa

R2750 pm

Some good news at least

#22
(02-22-2017, 02:12 PM)Outlook Wrote: Dividend Withholding tax is now 20% was 15%

Yeah... everything increases except VAT :/

#23
(02-22-2017, 02:37 PM)Hamster Wrote: Yeah... everything increases except VAT :/

Wish he would've shown balls, but hey maybe the new Finance mister ex eskom ceo will.

#24
(02-22-2017, 02:36 PM)Hamster Wrote: TFSA limit: R33k pa

R2750 pm

Some good news at least

Is the lifetime cap also increased by same %?

#25
EFF raising on points of orders!

Here we go.

#26
(02-22-2017, 03:21 PM)kokzn Wrote: Is the lifetime cap also increased by same %?
Nope. Not a problem yet though.

#27
Budget 2017: Nasty surprises still coming on the tax front

Tax increases of R28 billion were announced in the 2017 Budget speech by the Minister of Finance, Pravin Gordhan, on Wednesday, 22 February 2017.

While these are the tax increases that will take effect within this year’s legislative cycle, the Budget Review 2017 highlights a few further tax increases that will still be implemented at a later stage, some of which are “nasty surprises”.  This includes a host of “other” tax types, implemented in relation to specific areas of social concern.    

Sugar tax

The tax on sugary beverages will be introduced, as part of the Customs & Excise tax system, as soon as the relevant legislation can be passed, which will most likely be later in 2017.  Following the consultation process, the final tax is proposed at 2.1 cents per gram of sugar content in excess of 4 grams per 100ml.  Of this, 50% would apply to concentrated beverages.  

Carbon tax

Carbon tax is still scheduled to be implemented, with a revised bill for public consultation expected mid-2017, although the current intention is that there would be no effect on electricity prices until 2020.

National gambling tax

One would be forgiven for thinking that this tax had fallen by the wayside over time, given that there has been no real movement for years.  However, the Budget Review 2017 confirms that the national gambling tax proposed in the 2012 Budget is indeed alive and well, with the State Law Advisor having certified the relevant draft Bills, which will be taken to Cabinet in 2017.  At various stages, the anticipated taxes in relation to gambling included:  6% tax on online gambling; 1% tax on casino revenue (in addition to provincial taxes or levies), and a final 15% withholding tax on gambling winnings over R25,000.  In the circumstances, taxpayers will need to wait for the release of the draft Bills, to see what is in store this time!

Acid mine drainage tax

Potential acid mine drainage taxes, alternatively water levies in relation to acid mine drainage, have been the source of much controversy within the industry.  While we are not yet at taxing stage, the Budget Review 2017 confirms that the acid mine drainage tax proposed in the 2014 Budget is still on the cards, with a discussion paper outlining the options to address acid mine drainage intended to be released for public consultation by mid-2017.

VAT on petrol and diesel in 2018

Yes, you read that correctly.  The Budget Review 2017 proposes that, in the 2018/19 period, the VAT zero-rating on fuel be removed.  It goes on to state that, to mitigate the effect on transport costs, the fuel levy may either be frozen or decreased.  If indeed this is only a freezing of the fuel levy, the removal of the zero-rating of fuel would result in a 14% increase in the price of fuel to consumers.  

Estate duty proposals – to come in 2018

The Finance Minister made it clear that the department has not forgotten the recommendations set out the Davis Tax Committee Estate Duty Report (published on 24 August 2016).  These recommendations include increasing the estate duty rate to 25% for that part of an estate with a value over R30 million and the removal of spousal rollover relief, in relation to estate duty, capital gains tax and donations tax (partially offset by an increase in the primary abatement for all estates).  There are also various recommendations in this report in relation to trusts, which could potentially include the removal of the “conduit pipe/ flow-through principle”, or that all distributions from foreign trusts be taxed as income.

The Budget Review 2017 indicated that these recommendations in the Estate Duty Report would be considered in the 2018 Budget.

Source: http://www.polity.org.za/print-version/b...2017-02-23







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