As tax hikes loom, here is a look at all the taxes you already pay
Lost track of the confusing array of duties, levies and taxes that come out of South African corporate coffers and individual pockets? Belinda Sussman offers a handy reminder
In his medium-term budget presentation in October, Finance Minister Malusi Gigaba said the deficit in the 2018-19 fiscal year was expected to be R69.3bn. Add to this the R15bn in increased taxes reportedly required to fund “fee-free” higher education, and the targeted tax increases in the 2018-19 budget, and the deficit sits near the R80bn mark — a staggering number. It is likely that tax increases are in store, which will be announced in the upcoming budget. A tactic Treasury has used in recent years has been to introduce a raft of new taxes, which often go unnoticed by those footing the bill. It is interesting to sit back and reflect on the individual impact of the vast array of taxes and levies that are currently applicable, and those that will soon be applicable in SA. • Individuals are subject to personal income tax (with a maximum marginal tax rate of 45%) on taxable income; • Companies are subject to corporate income tax of 28% on taxable income; • Most supplies made are subj...
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