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SAICA Bulletin - 2010 Tax Related Budget Proposals

  02/23/10 10:43, by Len, Categories: Budgeting, Tax Optimisation

Source: Article by SAICA - the South African Institute of Chartered Accountants

The SAICA Bulletin can be downloaded in pdf format here

Summary:
The following is a summary of the tax related budget proposals announced by the Minister of
Finance on 17 February 2010.

BUDGET HIGHLIGHTS
The main tax proposals include:
• Personal income tax relief for individuals amounting to R6.5bn. This partially compensates for inflation.
• Limited voluntary disclosure option for taxpayers in default
• Exchange control reforms proposed
• Interest-income exemption increased to R22 300 per year and to R32 000 for those over 65
• Standard Income Tax on Employees (SITE) system to be discontinued
• Congestion, pollution and landfill taxes considered
• Niggles remain for proposed dividend tax
• National Health Insurance scheme delayed for about five years
• "Tips for Pravin" to continue, using Facebook and other new forms of media
• Gambling winnings being exempt from personal income tax to be reviewed - impacts on casino, online gambling and lotto winners
• Wage subsidy for young people
• Clamp down on company car fringe benefits

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