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Against the backdrop of the weakening Rand, the pain point of the increased marginal tax rate of 45 per cent, the increase in the VAT rate by 1 percent in April 2018 and the decline in household spend, can South Africans really afford another tax rate hike?
Finance Minister, Tito Mboweni, delivers his first Budget Speech on 20 February at a difficult time for the South African economy. Even though President Cyril Ramaphosa has done much to restore business confidence in his first year in office, GDP growth remains weak, government finances are in relatively poor shape, and renewed load shedding is hurting business confidence.
The Financial Planning Institute of Southern Africa (FPI); a South African Qualifications Authority (SAQA) recognised professional body; has recently been approved by the South...
After much speculation over the past few weeks as to how the Minister of Finance would ‘plug the deficit’ in his Budget Speech on 22 February 2017, he has chosen to rely on personal income tax (including trusts) by increasing the top-end rate from 41% to 45%, a dividend withholding tax increase from 15% to 20% (with immediate effect) and increased Fuel and Road Accident Fund levies.
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