#Budget2017

Pravin Gordhans budget speech in a nutshell..

The important bits you may want to know about #budget2017

 

  • The first R900 000 of the value of property acquired from March 1 2017 will be taxed at zero percent. Before March 1 2017 the first R750 000 of the value of property was taxed at zero percent.
  • The general fuel levy will increase by 30c/litre on April 5 2017. This will push the general fuel levy up to R3.15/litre of petrol and to R3.00/litre of diesel.
  • The road accident levy will increase by 9c/litre of petrol and diesel on April 5 2017.
  • Annual allowance for tax-free savings accounts will be increased to R33,000 from the current R30,000.
  • Medical tax credit will be increased in line with inflation this year.
  • Individuals earning above R1.5million per annum or R125,000 per month will now be taxed in a new bracket at 45%.


Sin taxes rise:

  • Taxes on alcohol and tobacco are set to rise as follows:
  • Beer 12c/340ml;
  • Fortified wine 26c/750ml;
  • Ciders and alcoholic fruit beverages 12c/340ml;
  • Unfortified wine 23c/750ml;
  • Sparkling wine 70c/750ml;
  • Spirits 443c/750ml;
  • Cigarettes 106c/packet of 20;
  • Cigarette tobacco 119c/50g; 
  • Pipe tobacco 40c/25g; and
  • Cigars 658c/23g.


Spending on social grants is set to rise.

The specific increases are:

  • State old age grant from R1 505 to R 1 600 per month;
  • State old age grant, over 75s from R1 525 to R1 620;
  • War veterans grant from R1 525 to R 1 620;
  • Disability grant from R1 505 to R 1 600;
  • Foster care grant from R890 to R920 ;
  • Care dependency grant from R1 505 tot R1 600; and
  • Child support grant from R355 to R380.

 

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