Budget 2017/2018 – what will this do to my pocket?
South Africans are becoming used to hearing bad news in terms of our pockets on the 2nd Wednesday afternoon in February
Given that South Africa‚ as a country‚ is still struggling financially and the gap between the earnings of the poorest and the “well-to-do do’s” does not seem to be shrinking‚ we can be confident that there will be more innovative taxes included in what is tabled. Considering that in 2016 the average consumer-price index (CPI) was rated at approximately 6%‚ and that not many of us received increases amounting to 6%‚ while medical aid rates increased on average 10% or more in January this year‚ most of us are worse off than we were this time last year. And it is unlikely to get better. In the mid-year budget of October 2016‚ R13-billion additional taxes were announced on top of the R15-billion increase previously announced for the 2017/2018 tax year. What can we expect from the budget? 1. Transitional levy tax – for those of us that can remember‚ in 1994 we paid an additional tax for one year. It is possible that another such tax will be imposed‚ to assist government in balancing the...
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