The Finance Minister’s Budget speech has been LEGOfied in an effort to make the speech more accessible (and rather humorous).
The University of Pretoria’s Gordon Institute of Business Science (GIBS) have converted Finance Minister Pravin Gordhan’s Budget speech into a LEGO reenactment in an effort to make the speech more accessible.
GIBS is the University of Pretoria’s business school, which has been ranked among the top business schools worldwide. The schools offers post-graduate academic, senior executive, short course and extended programmes specialising in the various aspects of general management.
In our ongoing efforts to make the Budget Speech accessible, the Gordon Institute of Business Science brings you the highlights of the 2017 budget speech by Finance Minister Pravin Gordhan
Watch the video below:
Some of the more notable changes effective as from 1 March 2017 are as follows:
A new bracket of “Super Tax” has been introduced on personal income of individuals that levies income tax at the rate of 45% on income exceeding R1,5m per annum.
This has the effect of increasing the effective tax rate on Capital Gains above this level to 18% (from 16.4% in the 2016/2017 Budget)
The rate of Income Tax on income for Trusts has been increased to 45% (from 41% in the 2016/2017 Budget)
This has the effect of increasing the effective tax rate on Capital Gains for Trusts to 36% (from 32.8% in the 2016/2017 Budget)
Tax on Dividends has been increased to 20% (from 15% in the 2016/2017 Budget)
Withholding Tax for non-resident sellers of fixed property has been increased to 7.5%, 10% and 15% respectively (from 5%, 7.5% and 10% respectively in the 2016/2017 Budget)
The threshold for transfer duty payable on the purchase of fixed property has been increased to R900 000 (from R750 000 in the 2016/2017 Budget).
No Transfer Duty is accordingly payable on property transactions up to the sum of R900 000
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Sources: YouTube
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