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New rates of tax and rebates for 2008 year of assessment - South Africa
The Minister of Finance proposed new rates of normal tax and rebates for individuals for the 2008 year of assessment in his Budget Speech on 21 February 2007. These changes are effective from 1 March 2007.
Rates applicable to individuals:
Taxable Income
R
R
Rates of Tax
R
R
0 - 112 500
18% of each R1
112 501 - 180 000
20 250 + 25% of the amount above 112 500
180 001 - 250 000
37 125 + 30% of the amount above 180 000
250 001 - 350 000
58 125 + 35% of the amount above 250 000
350 001 - 450 000
93 125 + 38% of the amount above 350 000
450 001 and above
| 131 125 + 40% of the amount above 450 000
| | | | | | | | | | | | | | |
Tax rebates:
- Primary rebate R7 740
- Additional rebate (for persons 65 years and older) R4 680
Tax thresholds:
- Persons under 65 years R43 000
- Persons 65 years and older R69 000 Link
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