Tax News - Budget 2007
This is a special edition of Tax News dedicated to the South African Budget 2007.
The Minister of Finance, Trevor Manuel, presented the Budget for the 2007/2008 fiscal year on Wednesday 21 February 2007.
The Budget announcements included an abolition of retirement fund tax, income tax relief for individuals, an increase in the exemption for interest and foreign dividends, the phased-in replacement of secondary tax on companies (STC) with a dividend tax, and a reduction in the rate from 12.5% to 10%. There were also the usual increases in “sin taxes”.
The Budget Review also contains numerous amendments to be included in tax legislation in 2007, but without much detail on these proposals.