Tax brackets 2016 south africa pdf

For more information on tax rates, see the budget webpage. The information and views set out in this report are those of the authors and do not. Use our interactive tax rates tool to compare tax rates by country, jurisdiction or region. For the latest tax table, rates and key tax changes for the 201718 fiscal year, download our pocket style, quick tax guide. The basic corporate tax rate of 28% applies to the worldwide income of south african companies, including their subsidiaries. Tax calculator 2020 income tax calculator south africa. The database provides the largest source of comparable tax revenue data, which are produced in partnership with participating countries and regional partners. Taxation and investment in south africa 2016 reach, relevance and reliability. Tax compliance income tax returns and tax payments due dates. They are not the numbers and tax rates that youll use to prepare your 2015 tax returns in.

Tax brackets online payroll software, south africa. In other words, in 2016 the tax brackets were adjusted upwards by less than. Double tax treaty and nontreaty rates of tax withholding relating to the payment of dividends. The department of health developed a strategic plan for the prevention and control of ncds 20 2017, and national strategy for the prevention and control of obesity 2015 2020. Rates of tax r 1 165 600 18% of each r1 165 601 258 750. Effects of income tax changes on economic growth brookings. You are viewing the income tax rates, thresholds and allowances for the 2016 tax year in south africa. Any person who was physically present in south africa for 91 days per tax year for 6 consecutive tax years and was physically present for 915.

Capital gains tax is not a separate tax in south africa but instead forms a part of income tax. Unavailability of all burs services from 29th november at 18. Vat is a relatively recent introduction to the tax system, in south africa and. The benefit of aligning south africas personal income tax thresholds. The rate of tax levied on an individual is set on a sliding scale which results in the tax increasing as taxable income increases. It assesses taxation against the criteria of efficiency, equity, certainty and buoyancy. In october 2017 the south african revenue service celebrates its second decade as a unitary revenue and customs authority, melded in 1997 from the then inland revenue, the 10 homeland revenue entities and customs and excise. This sars tax guide has been developed to provide a synopsis of. Tax rates are checked regularly by kpmg member firms. Taxation may involve payments to a minimum of two different levels of government. Threshold for refundable child tax credit if your filing status is head of household if your filing status is married filing separately. Income tax tables with rebates and car allowance fix cost tables for the 2016 tax year as provided by sars. South africa tax for individuals south african tax guide. Paye and provisional tax payments, 2007200820162017 20052006 and 20102011 personal income tax brackets.

Dividends received by individuals from south african companies are generally exempt. Pkf durban is complemented by 9 other pkf south africa 9 special economic zones 50 strategic allowances 28 subsistence allowances 18 suspension of payment 53 tax clearance 51 tax free savings accounts 15 tax rates companies 6 tax rates individuals 7 tax rates trusts 8 tax rebates 7 tax thresholds 7. Any foreign employment income earned over and above r1. South african income tax tables for all tax types detailed income tax tables for all tax types, south african income tax rates from 2008 to 2014. Personal income taxation and the struggle against inequality and. Longterm capital gains tax rates in 2016 the motley fool. The svdp applies both to income tax defaults and excon contraventions. On 14 april 2016, zimbabwe announced that the country had ratified the 2015 south africa zimbabwe double taxation agreement dta, by way of statutory instrument 40 of 2016, as published in the official gazette of 8 april 2016.

Companies, trusts and small business corporations sbc. Income tax tables and car allowance fix cost tables for. Sars income tax calculator for 2021 work out salary tax paye, uif, taxable income and what tax rates you will pay. Sage south africa february 2017 1 tax tables 20172018 income tax. South africa lags its peers on inclusiveness of consumption growth 56 i. Strengthening tax morality it has taken many years to build the foundation of trust that underpins south africa s tax morality. If you are looking for an alternative tax year, please select one below. For most of us in 2016 and until further notice, the tax rate on longterm capital gains is 15%, while those in the top bracket pay 20% and those in the 10% or 15% tax brackets pay 0%. Stop bee and expropriation without compensation now to grow south africa s economy da. The dta awaits ratification in south africa, before it can enter into force. Prior to 2001 the south african tax system was sourcebased, wherein income is taxed in the country where it originates. Tool to help south african businesses find support.

These aggregated statistics are compiled from sarss registers of taxpayers and from tax returns. What drives changes in inequality and intergenerational mobility in south africa. Information is recorded from current tax year to oldest, e. Changes in rates of tax announced in the budget speech for the 2021 tax year become.

These statistics complement other published social and economic data. Aggressive tax planning indicators final report european. Company tax rates 2018 2019 corporate tax rate 32% branch income tax 32%. It has an abundance of natural resources, and with half of the continents 1 billion people under the age of 35 and rapid urbanization, 500 million new consumers are expected in africa. Inequality slows down poverty reduction 58 chapter 4. In this research we attempt to measure the change in progressivity and efficiency in the south african tax regime by adjusting both the upper levels of income tax brackets and threshold levels in order to quantify the effect thereof on the efficiency and progressivity of the tax. Tax deduction tables south african revenue service. The data for the oecd are for 2016 as the data for 2017 are not available. Dividends tax is applicable to all south african resident companies as well. Individuals and trusts tax rates year of assessment ending 28 february 2014 individuals and special trusts taxable income r rate of tax r 0 165 600 18% of taxable income.

Sars home tax rates income tax rates of tax for individuals. Monthly tax rates the table below indicates the new monthly income tax bands and rates applicable to the chargeable income of resident individuals. The national treasury and sars jointly publish tax statistics annually. The global revenue statistics database provides detailed comparable tax revenue data for african, asian and pacific, latin american and the caribbean and oecd countries from 1990 onwards. This sars tax guide has been developed to provide a. South africans holding unauthorised assets offshore would be given a six month window to regularise past tax defaults and or excon defaults. This sars pocket tax guide has been developed to provide a. Capital gains tax cgt see here how the changes in tax rates affect the age groups per income level from last year to this year. Thus, any profit made when an asset is sold it is subject to the same rates as south african income tax.

Statutory corporate tax rates africa, americas, caribbean countries 165. How is interest paid to a nonresident from a south african source taxed. R 122 300 r121 000 r117 300 r116 150 r114 800 r110 200 75 and older r143 850 r6 750 r5 300 r1 150 r129 850. Pkf south africa inc is a member firm of the pkf international limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. Kpmgs corporate tax table provides a view of corporate tax rates around the world. Should there be any doubt it would be advisable for users to verify the rates with the relevant legislation pertaining to that rate, applicable to the. Stop bee and expropriation without compensation now to grow south africa s economy. Be in the know and stay updated with the key highlights of minister of finance pravin gordhan national budget 201718. The south african reserve bank and sars will be working closely. Company tax rates 201516 2016 17 normal income tax 28% 28% dividends tax 15% small business corporation taxable income rate of tax r r 0 75,000 0% 75,001 365,000 7% of each r above 75,500. Foreign tax credits are generally given where a south african tax resident is taxed on income that has already been taxed in another country under a source principle and where any double tax agreement between south africa and that other country allows that country to tax the income. Capital gains tax deemed subsistence allowances and. Russia, south africa, sweden and the united kingdom. Since january 2001, the tax system was changed to residencebased wherein taxpayers residing in south africa are taxed on their.

South african tax tables rates of tax for individuals. As from 1 march 2015 interest from a south african source paid to a nonresident will be taxed at a final withholding tax rate of 15%. Taxation and investment in south africa 2016 deloitte. Online income tax calculator for the 2016 tax year. South africa taxation and investment 2016 contents 1. This must be the entire amount, including all benefits, that your boss pays you. As from 1 march 2016, provident fund contributions, subject to a limitation. Zimbabwe ratifies double taxation agreement with south africa. Visit za for details of our offices in south africa. Revenue statistics in africa 2019 south africa oecd. The benefit of aligning south africas personal income tax. Pkf in south africa practise as separate incorporated entities. The application window is from 1 october 2016 until 31 march 2017.