Budget 2017 Broken Down

Here are the major points to focus on from the Budget delivered by minister Pravin Gordhan.

  • New tax rate for the super rich. High income earners, those earning more than R1.5 million a year, will pay 45% tax. Around 100 000 taxpayers will be affected
  • Sin tax on alcoholic beverages and tobacco products will go up between 6% and 10% this year.
  • An increase of 30c/litre in the general fuel levy and 9c/litre in the road accident fund levy.
  • Government will spend R187.5 billion on health
  • Government will spend R320.5 billion on education including and extra R5 billion for higher education.
  • 47.5% of available funds are allocated to national government, 43.4% to provinces & 9.1% to local government.
  • The annual allowance for tax free savings accounts will be increased to R33 000
  • Old age grant will increase by R90 to R1600 for pensioners over the age of 60 and R1620 for those over 75
  • Foster care grants increase by R30 to R920 a month.  The child support grant increases by R20 to R380 a month
  • Public procurement will amount to about R1.5 trillion over the next three years
  • Measures being put in place to make sure banking sector rigging will be stamped out and more licenses have been issued in the banking sector.

Source

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Author: The Turk Report

Simplifying complex money matters

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