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Sunday, February 24, 2008

Exciting Tax Information for South Africans

All the 2008/09 “Budget Fever” has now come and gone. The big news for SMME’s in this Budget were:

· Corporate tax rate cut from 29% to 28%.

· The increase in the VAT threshold to turnover of R1-million.

On the other hand, the level of tax relief for individuals as well as companies amounts to R15.1-billion, with personal income tax relief of R7.7-billion, tax subsidies for labour intensive industries totalling about R5-billion over a period of 3 years. Below it’s a taxable income table for individuals, hope you find it useful:

Taxable income (R) Rates of tax

0 – 122 000 18% of each R1

122 001 – 195 000 R21 960 +25% of the amount above R122 000

195 001 – 270 000 R40 210 +30% of the amount above R195 000

270 001 – 380 000 R62 710 +35% of the amount above R270 000

380 001 – 490 000 R101 210 +38% of the amount above R380 000

490 001 and above R143 010 +40% of the amount above R490 000

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