Yesterday, during his budget speech, Finance Minister Nhlanhla Nene informed the country of upcoming tax increases. As expected, there will be tax increases on personal income tax, sin tax (alcohol and cigarettes), and fuel levies. Taxable income is set to increase for anyone earning over R181 900 a year. However, micro businesses will receive a small reprieve in the form of reduced tax rates for turnover tax.
For a detailed look at the tax increases, have a look at the infographic:
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