BUDGET 2017: TAX CHANGES
The 2017 budget lived up to the expectation created by the Finance Minister with the medium term budget policy statement late last year in which it was made clear that R28bn in additional tax revenue must be generated.
Tax increases were announced as follows:
- Introduction of top marginal tax rate of 45% on personal taxable income above R1 500 000;
- Increase in tax rate applicable to trusts (excluding special trusts) from 41% to 45%;
- In consequence of increased top marginal rate ...