What’s in store for you from the Taxman?
By Nadia Samie
20 February 2008
Many tuned in to Finance Minister Trevor Manuel’s budget speech, delivered in Parliament on Wednesday, to hear what they would have to cough up this year in taxes.
There is slight relief for individuals. The minister announced adjustments to the personal income tax schedules that will see relief of R7.2 billion, which compensates for the effects of inflation. A third of the benefits goes to those with a taxable income of below R150 000 per year. It will further benefit those in the R150 000 to R250 000 annual income bracket. People earning less than R46 000 per year are exempt from paying tax.
Further tax proposals included:
Director-General in the Department of the Treasury Lesetja Kganyago says that in this period of global volatility, the economy must remain resilient, adding that more fiscal resources must go into investment that in consumption.
Documents pertaining to the 2008 Budget can be found on the web at www.treasury.gov.za.