n Personal Finance Newsletter - Wealthy individuals to pay more tax : Budget 2015
|Article Title||Wealthy individuals to pay more tax : Budget 2015|
|© Publisher:||Moneyweb (Pty) Ltd|
|Journal||Personal Finance Newsletter|
|Publication Date||Mar 2015|
Personal income tax rates will be raised by one percentage point for all individuals who earn more than R181 900 a year. This means that all individuals outside of the entry-level tax bracket will see their tax rate adjusted upwards. "This raises tax by R21 a month for a taxpayer below age 65 with an annual income of R200 000. Those earning R500 000 would pay R271 a month more, and at R1.5 million a year, the tax increase is R1 105 a month," Finance Minister Nhlanhla Nene said.
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