{"id":1762,"date":"2017-02-27T21:10:48","date_gmt":"2017-02-27T19:10:48","guid":{"rendered":"http:\/\/contattolive.co.za\/?p=1762"},"modified":"2017-09-21T12:35:03","modified_gmt":"2017-09-21T10:35:03","slug":"budget-2017-a-quick-precis","status":"publish","type":"post","link":"https:\/\/contattolive.co.za\/north\/budget-2017-a-quick-precis\/","title":{"rendered":"Budget 2017 &#8211; A quick precis"},"content":{"rendered":"<p style=\"text-align: justify;\">The Budget for 2017 has been presented to parliament and is awaiting final approval, but if all goes through as planned, here are some key issues that may affect your financial planning for the year &#8211; as well as your investment portfolio.<\/p>\n<p style=\"text-align: justify;\"><strong>Significant announcements<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>New 45% tax rate for those earning more than R1.5 million per annum. (Around 100 000 taxpayers are affected)<\/li>\n<li>Dividend withholding tax increased from 15% to 20% (this will have an impact on your investments)<\/li>\n<li>No increases in VAT or Capital Gains Tax (great news on no change to CGT)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Tax changes<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Government will raise an additional R28 billion during the new tax year<\/li>\n<li>New 45% marginal tax rate for those earning more than R1.5 million per annum<\/li>\n<li>Other taxpayers will not receive full relief from fiscal drag \u2013 the impact of inflation on tax brackets<\/li>\n<li>Tax on dividends increase from 15% to 20%. (Tim let me show you how to get this down from 20% to ZERO)<\/li>\n<li>Taxes on fuel to rise by 39c a litre. (Fuel levy +30c and RAF levy +9c)<\/li>\n<li>Total fuel levy on petrol will amount to 36% of pump price<\/li>\n<li>Total fuel levy on diesel will amount 40.2% of pump price<\/li>\n<li>Properties sold for less than R900 000 will not pay transfer duties (2016: from R750 000)<\/li>\n<li>Sugar tax: Will be implemented once parliament passes legislation<\/li>\n<li>Carbon tax: Revised legislation will be published mid-2017 for public consultation<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Sin taxes<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Duties on malt beer rises by 9% or 12c to R1,47 per 340ml can<\/li>\n<li>Duty on unfortified wine rises by 8,8% or 30c to R3,61 per liter<\/li>\n<li>Duty on fortified wine rises by 6,1% or 35c to R6,17 per liter<\/li>\n<li>Duty on sparkling wine rises by 8,8% or 93c to R11,46 per liter<\/li>\n<li>Duties on ciders and alcoholic fruit beverages rise by 9% or 12c to R1,47 per 340ml can<\/li>\n<li>Duty on spirits rises by 8.5% or R4,43 to R56,50 per 750ml bottle<\/li>\n<li>Duty on cigarettes rise by 8% or R1,06 to R14,30 a packet of 20s<\/li>\n<li>Duty on cigars rise by 9,5% or R6,58 to R75,86 per 23g<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">These are some significant announcements but are simply a snapshot of the whole presentation. If you want more information, visit The National Treasury website here.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Budget for 2017 has been presented to parliament and is awaiting final approval, but if all goes through as planned, here are some key issues that may affect your financial planning for the year &#8211; as well as your investment portfolio. Significant announcements New 45% tax rate for those earning more than R1.5 million per annum. (Around 100 000 taxpayers are affected) Dividend withholding tax increased from 15% to 20% (this will have an impact [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1759,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,13],"tags":[],"class_list":["post-1762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-financial-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Budget 2017 - A quick precis - Contatto North<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/contattolive.co.za\/north\/budget-2017-a-quick-precis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget 2017 - A quick precis - Contatto North\" \/>\n<meta property=\"og:description\" content=\"The Budget for 2017 has been presented to parliament and is awaiting final approval, but if all goes through as planned, here are some key issues that may affect your financial planning for the year &#8211; as well as your investment portfolio. 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