The 2013/2014 Budget Speech was announced by Minister Pravin Gordhan on 27 February 2013.
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Budget Speech Transcript. CLICK HERE
In Pravin Gordhan’s 2013/2014 Budget Speech, he announces a practical Budget Speech outlining significant opportunities for change.
New Tax Rates and Legislation
The Rates of Tax in respect of the 2013/2014 Tax Year are set out in the new tax tables, shown below.
|Taxable Income (R):||Rates of Tax:|
|0 – 165,600||18% of taxable income|
|165,601 – 258,750||R29,808 + 25% of taxable income above R165,600|
|258,751 – 358,110||R53,096 + 30% of taxable income above R258,750|
|358,111 – 500,940||R82,904 + 35% of taxable income above R358,110|
|500,941 – 638,600||R132,894 + 38% of taxable income above R500,940|
|638,601 and above||R185,205 + 40% of taxable income above R638,600|
|Monthly Medical Aid Tax Credits:|
|Each Additional Dependent||R162|
Medical Tax Credits:
Effective from 1 March 2012 the capping system was replaced with a medical aid tax credit, bringing in equality for all taxpayers under the age of 65 and improved benefits for lower earners, a move in line with international best practice. The medical aid capping system is also used in the 2013/14 tax year, commencing 01 March 2013. The medical aid tax credit is R242 a month for the first two beneficiaries (including the principal member) and R162 for each additional dependent thereafter.
Budget Speech Highlights
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