Petrol price increases

Apart from an additional 10cents a litre and a further 8 cents a litre increases in the petrol price on 6 April – the fuel price may well increase substantially in the next month just from the appreciation in the oil price and the depreciation of the rand. The 10c and 8c increases come from […]

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Budget – the centre holds

2011/12 BUDGET: the centre holds   If there was one message from this year’s budget it is that, despite all the hype that economic transformation has finally arrived it’s actually probably more of a case of business as usual. This is according to independent economist Sandra Gordon, who was speaking at a Budget briefing this […]

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OMAC commentary on the Budget

OMAC Commentary on Budget Speech 2011   Budget speech marks the beginning of significant changes in the retirement fund and healthcare industries   Finance Minister Pravin Gordhan’s budget speech for 2011 marks the beginning of significant, but not unexpected, changes in the retirement fund and healthcare industries.   This is according to Craig Aitchison, Managing […]

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Business participation required

2011 Budget Speech requires business to participate in regulatory processes   Taxes, jobs, National Growth Path, health and education follow lead from President’s script   Private sector urged to lead       Business should be alert to the implications of the 2011 Budget speech, which allocated the numbers to a range of priorities that […]

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Budegt comments from Momentum Wealth

Post-budget Commentary: 2011 National Budget   Navin Ramparsad – Head of Legal at Momentum Wealth       In formulating the 2011 National Budget the Minister of Finance had to balance the imperatives of addressing inflationary pressures through predominantly tax relief against the need to spend on national priorities including social reform, growth and deficit […]

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Budget 2011 comments from Grant Thornton

Grant Thornton’s comments on the Finance Minister’s Budget Speech 2011 / 2012       Overall Budget 2011 / 2012 comments   “There is nothing significant in the budget that will benefit the mid- to high- end net worth individuals.”   David Nathan, senior partner Grant Thornton, Johannesburg.       On the NHI   […]

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Savings and the Budget

Savings – comment from Deloitte   Interest income is not taxed up to a certain threshold. As from 1 March 2011, government will increase the tax-free interest income annual threshold from R22 300 to R22 800 for individuals below 65 years, and from R32 000 to R33 000 for individuals 65 years and over. The […]

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Electricity levy

Electricity levy – comment from Deloitte       Government proposes to increase the levy applied to electricity generated from non-renewable and nuclear energy sources by 0.5c/kWh to 2.5c/kWh from 1 April 2011. Some of this revenue will be set aside to fund the rehabilitation of roads damaged as a result of the haulage of […]

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Transfer Duty

Transfer duty – comment from Deloitte   Government proposes to increase the transfer duty exemption threshold from R500 000 to R600 000. A rate of 3% will be applicable to the value from R600 001 to R1 000 000; an amount of R12 000 plus 5% to the value between R1.0 and R1.5 million; and […]

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Dividends tax

Dividends tax commentary from Deloitte   The dividends tax will come into effect on 1 April 2012, replacing the secondary tax on companies. The introduction of the tax should correct the impression that a tax on dividends is another tax on businesses. Legally and economically, it will be a tax on individuals and non-resident shareholders. […]

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