DURBAN - The budget speech often comes with much anticipation of a strategic plan for government spending and revenue collection for the year ahead.
The government’s revenue collection strategy affects both businesses and consumers, albeit in different ways. Aneesa Razack, Chief Executive of FNB Share Investing, FNB Wealth and Investments details some of the key considerations ahead of this year’s budget speech.
Personal income tax
Personal income tax accounts for approximately 38.1% of total tax revenue according to the 2018 Tax Statistics, up from 37% in the previous year - of which 40% of taxpayers came from Gauteng. Personal income tax rates in South Africa are already high by international standards at the current 45% maximum marginal income tax rate for taxable income above R1.5 million....
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