ARTICLE · 29 FEBRUARY 2012

2012/2013 Budget Proposals - Tax Overview

Werksmans Attorneys

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Unlike in the past few years, there have certainly been some surprises sprung on taxpayers by the Minister in his Budget Speech.

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Ernest Mazansky

Unlike in the past few years, there have certainly been some surprises sprung on taxpayers by the Minister in his Budget Speech. Although there is some relief for individuals in the form of adjustments of taxes on "earned" income and upward adjustments of the exemptions and rebates, the increased tax rates on local and foreign dividends and capital gains certainly came as a bolt out of the blue. Clearly the emphasis is on "soaking the rich".

A significant number of tax amendments were announced, many of them of a highly technical nature, but we have attempted to limit ourselves to matters which are likely to be of more general and widespread interest.

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