The new Budget Speech was announced on 17 February 2010 by the Minister of Finance, Pravin Gordhan. Please see the below information, as to how these changes will affect your business.

Some Budget Relief for Individual Taxpayers while SME Businesses Have Work To Do

In his maiden budget speech Minister of Finance Pravin Gordhan enhanced his popularity on Wednesday 17 February by announcing a practical Budget which provides tax relief for individuals totalling R6.5-billion and does away with SITE tax with effect from 1 March 2011.

As expected, most of the relief goes to lower income brackets and the primary rebate for all individual taxpayers increases to R10 260 a year while the secondary rebate for people over the age of 65 increases to R5 675 a year.

“It is largely a no shocks Budget which comes as relief to many taxpayers who were anticipating the worst knowing that SARS has a deficit of R68.9-billion to recover but it appears the intention is to do this over a period of time by tightening up on compliance,” said Grant Lloyd... | more

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