A third income tax rebate of R2 000 for individuals 75 years and older.
Conversion of medical tax deductions to tax credits from March 2012.
From 1 March 2012 an employer’s contribution to retirement funds on behalf of an employee will be a taxable fringe benefit in the hands of the employee. Individuals will from that date be allowed to deduct up to 22.5 (%) per cent of their taxable income for contributions to pension, provident and retirement annuity funds with a minimum annual deduction of R12 000 and an annual maximum of R200 000.
Transfer duty relief for transactions from 23 February 2011.
National Health Insurance will be phased in over 14 years. Funding options under consideration are a payroll tax (payable by employers), an increase in the VAT rate and a surcharge on individuals’ taxable income.
Dividends tax becomes effective from 1 April 2012 and Secondary Tax on Companies will be discontinued from that date.
Treat dividends received under certain dividend schemes which undermine the tax base as ordinary revenue.
Extend the learnership tax incentive for a further five years.
Introduction of a youth employment subsidy in the form of a tax credit.
Taxation of gambling winnings exceeding R25 000 at 15% from 1 April 2012.
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