Budget Speech 2020

[Gaz{M}]

Now we know what you earn, Mr. R65k pm...

Um, no. someone asked how much a person earning R1m would save.

 

[Mike Hoxbig]

taxable income... and also the R5007.90 is from R63k-R125k taxable income per month.

So no, you dont know how much he makes

Yes yes, that's all that matters. We don't care if his company covers his medical and pension...

 

[TheJman]

Now we know what you earn, Mr. R65k pm...

lol, I think he was answering a question above

 

[Speedster]

taxable income... and also the R5007.90 is from R63k-R125k taxable income per month.

So no, you dont know how much he makes

Yes and no. Taxable income is very different to income (RA deductions etc), but the R5007 is only valid for R65k taxable income

 

[Forum Reader]

25c fuel levy on a R15 per litre Diesel price is about 1.7%. That's the hidden VAT increase. More if you drive a lot.

 

[Craig_]

Yes you will pay less income tax in real terms.

Rates of Tax for Individuals

View attachment 791367

Using this I'm paying between R600 and R700 a month more after the 1st of March.

 

[Speedster]

Using this I'm paying between R600 and R700 a month more after the 1st of March.

Then you got a nice increase too.

 

[rietrot]

So where are the people who were saying we were going to see tax increases and VAT? they were dead sure about it?
****ing pessimist.

Economists get paid to make false predictions.

 

[thestaggy]

I'm also completely stunned. Like he didn't increase obvious taxes at all as expected.

The man has some brains and can see that taxing more will make us fail faster.

I just don't know how they will save R261 Billion over the next 3 years on Public Sector wages.

For what it is worth, the public sector wage bill grew by over 300% between 2005 - 2020, or R34 billion per year averaged out, as the staff number grew by 170,000. https://mg.co.za/article/2019-12-03...bill-wont-fly-the-key-is-to-manage-it-better/

Its widely accepted that Eskom is overstaffed and this is likely a trend across all areas of government, including the very top with a still bloated cabinet. Some considerable savings can be made although ~R90 billion per year for three-years looks wildly optimistic.

 

[ShaunSA]

Using this I'm paying between R600 and R700 a month more after the 1st of March.

Then you got a nice increase too.

Drinks on @Craig

 

[Arzy]

Economists get paid to make false predictions.

Just like MyBB, gotta get those clicks!!!

 

[backstreetboy]

25c fuel levy on a R15 per litre Diesel price is about 1.7%. That's the hidden VAT increase. More if you drive a lot.

Even more if you drink and drive...

 

[Craig_]

Then you got a nice increase too.

I haven't had a salary increase in 2 years. I just calculated what I currently pay and what I will pay. I'm hoping I'm missing something here.

 

[Mike Hoxbig]

Has Magda tweeted yet?

 

[R13...]

I haven't had a salary increase in 2 years. I just calculated what I currently pay and what I will pay.

Everyone will pay less either the calculator is borked or you're reading it wrong.

 

[Gtx Gaming]

Has Magda tweeted yet?

Nothing yet, very quite lol

 

[Craig_]

Everyone will pay less either the calculator is borked or you're reading it wrong.

I'm hoping for this. I'll go check again.

 

[diapason]

Using this I'm paying between R600 and R700 a month more after the 1st of March.

As I asked someone else upthread, have you taken into account medical aid tax credits if med aid is paid via your employer?

 

[TheJman]

25c fuel levy on a R15 per litre Diesel price is about 1.7%. That's the hidden VAT increase. More if you drive a lot.

It's actually worse... because if you think of the knock on... VAT wouldn't increase bread and other zero rated items...

Fuel increases pushes up the price of EVERYTHING

 

[TheJman]

As I asked someone else upthread, have you taken into account medical aid tax credits if med aid is paid via your employer?

It would theoretically lower your tax by an extra R19 x 12 a year?