Tax Rates 2015

Tax Rates 2015

As we all know, the national budget was presented yesterday, 25 February 2014. The government made it clear that they plan to increase personal income tax from 1 March 2015 to 28 February 2016, by 1%. Some of you are most-likely worried or you didn’t event get to witness the budget.  You’re in luck because we have made notes and decided to post it here. It’s a little out of the ordinary but you need to know how much you pay before you can get a refund.

Personal Tax:

Taxable Income

Tax Payable

R0 – R181 900 18% of each R1 taxable income
R181 901 – R284 100 R32 742 + 26% of taxable income above R181 900
R284 101 – R393 200 R59 314 + 31% of taxable income above R284 100
R393 201 – R550 100 R93 135 + 36% of taxable income above R393 200
R550 101 – R701 300 R149 619 + 39& of taxable income above R550 100
R701 301 and Above R208 587 + 41% of taxable income above R701 300

Income Tax:

The amount each individual can earn before qualifying to pay tax will be increased from 1 March 2015 to 29 February 2016.

Below age 65

Age 65 and over

Age 75 and over

R73 650 R114 800 R128 500

Tax rebate increases:

Primary

Secondary

Tertiary

For all taxpayers Aged 65 and over Aged 75 and over
R13 257 R7 407 R2 466

 

Sin Tax

The excise duties on alcoholic beverages will increase between 4.8% and 8.5%. There are a few reforms that are placed under consideration which will provide excise duty relief for some wine-based spirits.

The increases in excise duties are as follows:

Alcoholic  Beverages:

Malt beer increases by: Fortified wine increases by: Ciders and alcoholic fruit beverages increases by:
7c Per 340ml can 19c Per 750ml bottle 7c Per 330ml bottle
Unfortified wine increases by: Sparkling wine increases by: Spirits increases by:
15c Per 750ml bottle 48c Per 750ml bottle R3.77 per 750ml bottle

Tobacco Products:

Cigarettes increases by: Cigarette tobacco increases by: Pipe tobacco increases by: Cigars increases by:
82c Per packet of 20 91c Per 40g 26c Per 25g R3.09 per 23g

Fuel levy:

General fuel levy increase: Road Accident Fund levy increase:
30.5 cents 50 cents

Fuel prices will increase by 80.5%