Budget 2017/2018 – Tax Changes affecting Individuals

Budget in Brief (Individuals)
● Highest marginal rate of tax increased from 41% to 45% from 1 March 2017.
● 1% increase in the rebates for individuals which does not keep up with current inflation rate.
● Inclusion rate for Capital Gain increased so that the effective rate is now 18% for individual.
● Exemption for foreign remuneration earned will no longer be applicable to South Africans who are working in tax free jurisdictions.
● No increase in any of the deductions to retirement funds and no increase in the capped amount which means inflation is not again considered.