4.3%2%
42.5%R126.44 BN
-R162.2 BILLION( )
GDP GROWTHExpected to accelerate
to 3.0% in 2017
NET LOAN DEBT
DEBT SERVICE COSTS
INFLATIONExpected to accelerate
to 5.7% in 2017
G R O W T H & I N F L A T I O N
D E B T & L O A N
-R162.2 BILLION 6.4%
Growth in budget deficit
REVENUE 9.1%Total projected revenue:R1 188.9 Billion
EXPENDITURE 7.9%Total projected expenditure:R1 351 Billion
Debt ServiceCosts
Bottle of750ml wine
Education, Sport & Culture
Bottle of750ml spirits
Health & SocialProtection
340ml canof beer
18% of each R1 taxable income
R32 742 + 26% of taxable income above R181 900
R59 314 + 31% of taxable income above R284 100
R93 135 + 36% of taxable income above R393 200
R149 619 + 39% of taxable income above R550 100
R208 587 + 41% of taxable income above R701 300
R0 - R181 900
R181 901 - R284 100
R284 101 - R393 200
R393 201 - R550 100
R550 101 - R701 300
R701 301 AND ABOVE
Defense, PublicOrder & Safety
Ciders and alcoholic fruit drinks 330ml
per litre per litre
Local Government& Housing
Box of 20cigarettes
42.5% of GDP to stabilize at 43.7% of GDP in 2017/18
Rising to R153.4 BN in 2017/18
S O U T H A F R I C ABUDGET 2015
B U D G E T D E F I C I T
R E V E N U E & E X P E N D I T U R E
S P E N D I N G P L A N
S I N T A X
F U E L & E N V I R O N M E N T
S O C I A L G R A N T S
E M P L O Y M E N T
H O W W I L L T H I S A F F E C T Y O U ?
S A V I N G
M E D I C A L S C H E M E S
P E N S I O N F U N D
I N F R A S T R U C T U R E
PROJECTED DEFICIT
OF GDP
“ W E A R E A C C O U N TA B L E T O C I T I Z E N S A N D TA X P AY E R S F O R E N S U R I N G V A L U E F O R M O N E Y I N O U R S T E W A R D S H I P O F P U B L I C R E S O U R C E S . ”
“W E A K E C O N O M I C G R O W T H R E D U C E D TA X R E V E N U E E S T I M AT E B Y R 1 4 . 7 B N . ”
“ T O D AY ’ S B U D G E T I S C O N S T R A I N E D B Y T H E N E E D T O C O N S O L I D AT E O U R P U B L I C F I N A N C E S , I N T H E C O N T E X T O F S L O W E R
G R O W T H A N D R I S I N G D E B T. ”
R1188.9 BILLION
R1 351 BILLION
26.2%
19.6%
36.4%
11.6%
7.0%
12.6%
18.7%
5.1%
11.4%
14.72%
15.2%
6.6%
4.7%
Personal Tax
VAT
Corporate Income Tax
Fuel Levies
Customs and Excise Duties
Revenue from other
Health & Social
Education
Defense, Public Order & Safety
Economic Affairs
Community Amenities & Housing
Employment & Social Security
Other (including general public services and science, technology and environment)
to come down to 2.5% in 2017/183.9%
9.9%
15c
8.0%
R3.77
8.8%
7c
5.0%
7c
13.0%
82c
P E R S O N A L T A XTAXABLE INCOME
(of individuals in rand)TAX PAYABLE IN RANDS
30.5 CENTS 50 CENTSRoad Accident Fund levy
Fuel levy
Unemployment remains our single greatest economic and social challenge. Government continues to prioritise measures aimed at generating employment.
These include tax incentives for employment and investment, support for enterprise development, skills development and employment programmes.
Will be spent on public infrastructure investment over the next 3 years in order to obtain more inclusive growth and development.
Brought to you by
Monthly medical scheme contributions tax credits will from 1 March 2015 be increased from R257 to R270 per month for the first two beneficiaries and from
R172 to R181 per month for each additional beneficiary. Medical tax credits related to medical scheme contributions will be taken into account for both
PAYE and provisional tax purposes.
To eliminate the potential to avoid estate duty, government proposes that an amount equal to the non deductible contributions to retirement
funds will be included in the dutiable estate when a retirement fund member passes away.
R860 P/MFOSTER CARE
R1 410 P/MDISABILITY
R1 410 P/MOLD AGE
R330 P/MCHILD SUPPORT
R813 BILLION
SIN TAX
FUEL LEVY
From 1st of March 2015 the new tax free savings account will be available.
If you earn less than R181 900 a year you will pay less tax. A taxpayer earning R200 000 will pay R21 more per month. If you earn R500 000 a year you will pay R271 more per month and at R1.5 million a year the tax increase is R1105 a month.
Excise duties on alcoholic beverages (especially beer, sparkling wine and spirits) will increase by between
The rises in excise duties are as follows:
R1410 75
4.8%
8.5%
Reforms under consideration
include providing excise duty relief to wine-based spirits
(e.g. Brandy.)AND
The Old Age Grant (60+) is increased to
The State Old Age Grant for people
older than
is increased to R1430
The War Veterans Grant is increased
to R1 430
PRIMARY
FOSTER CAREDISABILITY
SECONDARY
CARE DEPENDENCY
TERTIARY
CHILD SUPPORT
The amount an individual can earn before they are required to pay tax has been raised for the tax year that runs from 1 March 2015 to 29 February 2016 and it is as follows:
BELOW AGE 65 R73 650
AGE 65 & OVER R114 800
AGE 75 & OVER R128 500
The rebate for individual taxpayers has also gone up
as follows:
For all taxpayers
Grant increased to Grant increased toGrant increased to Grant increased to
Aged 65 & over Aged 75 & over
R13 257
R860R1 410
R7 407
R1 410
R2 466
R330
30.5 CENTS 50 CENTS
General fuel levy will increase by Road Accident Fund levy will increase by
PER
LITR
E
PER
LITR
E
WILL INCREASE FUEL PRICE BY 80.5c.
Malt beer up by
7c PER 340ml CANFortied wine up by
19c PER 750ml BOTTLECiders and alcoholic fruit beverages
UP 7c PER 330ml BOTTLEUnfortied wine up by
15c PER 750ml BOTTLE
Cigarettes up by
82c PER PACKET OF 20Cigarette tobacco up by
91c PER 50gCigars up by
R3.09 PER 23g
Sparkling wine up by
48c PER 750ml BOTTLESpirits up
R3.77 PER 750ml BOTTLE
Pipe tobacco up by
26c PER 25g
SOCIAL GRANTS
INCOME TAX
