Personal Income Tax:
- The tax brackets, tax rebates and medical scheme fees tax credits will be adjusted for inflation
Business Tax:
- The company tax rate remains unchanged at 28%
Retirement funds:
- The annuitisation of the retirement funds will be postponed for 2 years in order to give time for further discussion
- No change in the VAT rate
- The capital gains tax inclusion rates for individuals, special trusts and insurer’s individual policyholder funds increases from 33.3% to 40% and for other taxpayers from 66.6% to 80%
- A new transfer duty bracket for properties over R10mil is introduced
- The general fuel levy will increase by 30c per litre “Sin Taxes” increases by between 6.7% and 8.5% on alcoholic beverages
- The plastic bag levy will increase by 2c per bag
- A tax on sugar-sweetened beverages will be introduced on 1 April 2017
Click Here to view the Full 2016 Budget
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