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Conversion of medical scheme contribution deductions to medical scheme contribution tax credits

25 January 2012   (0 Comments)
Posted by: SAIT Technical
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CONVERSION OF MEDICAL SCHEME CONTRIBUTION DEDUCTIONS TO MEDICAL SCHEME CONTRIBUTION TAX CREDITS

In an effort to achieve greater equality in the treatment of medical expenses across income groups, the current medical schemecontribution deduction will, for taxpayers aged below 65, be replaced by a medical scheme contribution tax credit. This will beeffective from 1 March 2012 as announced by the Minister of Finance, Mr Pravin Gordhan, in the 2011 Budget Speech.

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