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2016 Budget - IRMSA Insight Risk Chat : 29 February 2016

Posted By Administration, 29 February 2016

1 March 2016 



National Budget 2016


The key highlights of this year’s budget read more, recently tabled by the Minister of Finance Pravin Gordhan, are:


  • Corporate tax rate remains at 28%

  • Sin taxes – increase between 6.7% - 8.5% in duties on alcoholic and tobacco products

  • Sugar tax to be introduced on 1 April 2017

  • VAT rate has not changed at 14%

  • Fuel levy raised by 30.5 cents

  • Capital gains tax – individual 33.3% to 40%, Companies 66.6% to 80% and Trusts 66.6% to 80%


The backdrop of the budget speech is in response to pressure on the country to avoid a downgrade to junk status.


This is of particular concern due to the downgrade of Brazil to junk status – suggestions are that the downgrade is largely as a result of political factors.


South Africa is also in the spotlight following recent headlines speculating on conflict between the minister of finance and the head of SARS.


Some commentators believe that the downgrade is very possible, the question is:


  • Does your organisation understand what the implications of a downgrade will be to its operations and to the country at large?

 Click here to share your view




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