Print Page   |   Report Abuse
News & Press: Opinion

Wealthy individuals to pay more tax

25 February 2015   (0 Comments)
Posted by: Author: Ingé Lamprecht
Share |

Author: Ingé Lamprecht (Moneyweb)

‘Tax relief for those earning less than R450 000 a year.’

Personal income tax rates will be raised by one percentage point for all individuals who earn more than R181 900 a year.

This means that all individuals outside of the entry-level tax bracket will see their tax rate adjusted upwards.

"This raises tax by R21 a month for a taxpayer below age 65 with an annual income of R200 000. Those earning R500 000 would pay R271 a month more, and at R1.5 million a year the tax increase is R1 105 a month,” finance minister Nhlanhla Nene said.

"However, tax brackets, rebates and medical scheme contribution credits will be adjusted for inflation, as in previous years. The net effect is that there will be tax relief below about R450 000 a year, while those with higher incomes will pay more in tax,” he said.

Click here to view full article.

This article first appeared on moneyweb.co.za.


WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

Membership Management Software Powered by YourMembership  ::  Legal