National Budget Speech

BobbyMac said:
I bought Coke for R11.50 a 2Lt last night at my local Corner Shop - that's R5.75 a liter - a lot cheaper than Petrol ;) Anyway, petrol is way cheaper here than most other countries, so I don't really care about the price of it here, even if it increases.
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At my filling station it's R16.00 and i live in the country.
Milk at PnP R14.99/ 2litre.
Almost no crime:D
 
BobbyMac said:
I bought Coke for R11.50 a 2Lt last night at my local Corner Shop - that's R5.75 a liter - a lot cheaper than Petrol
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Ja, but I drink maybe 2l of coke per month. The car on the other hand...

ebie said:
Threshold for VAT for small businessess up to R1m from R300k. Massive relief for these guys !
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Um, no thats not how VAT works. Its a threshold, not an allowance. They could set that figure to 2 billion and it would not result in any relief.
 
ebie said:
Threshold for VAT for small businessess up to R1m from R300k. Massive relief for these guys !
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How so? Being a VAT vendor should not have any impact on a small business other then Administration. In fact, it's benefitial to be a VAT vendor as you get 60 days to pay the VAT across to SARS.

The simplified tax regime for small businesses is a good thing:

The turnover-based system is intended to reduce the tax compliance costs for very small businesses, and not necessarily their tax liability. This measure also supports the practice of regular recordkeeping in small businesses, which in time will migrate to the normal income tax system. The table below is a summary of the proposed simplifi ed (presumptive) tax regime for small businesses. The rates and technical aspects will be refi ned after consultation.

Proposed presumptive tax for very small businesses

Turnover Tax liability
0 - R100 000 0%
R100 001 - R300 000 2% of each R1 above R100 000
R300 001 - R500 000 R4 000 + 4% of the amount above R300 000
R500 001 - R750 000 R12 000 + 5.5% of the amount above R500 000
R750 001 - R1 000 000 R25 750 + 7.5% of the amount above R750 000
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Abe said:
How so? Being a VAT vendor should not have any impact on a small business other then Administration. In fact, it's benefitial to be a VAT vendor as you get 60 days to pay the VAT across to SARS.

The simplified tax regime for small businesses is a good thing:
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Depends on how your input vs output vat ratio looks. For a small services type business who don't have to buy any stock vat becomes a nightmare
 
120 billion education 75 billion grants...our priorities are skewed...treat the cause not the symptoms
 
Mikroz said:
AIDS needs to work faster.
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Harsh, uncalled for and uncool!

I am glad that they are giving some incentives to labour intensive business. Suppose that is to try to ease the pressure on business because of the Eskom thing and try to to attract more investment in spite of our electricity woes.
 
I am disappointed at the electricity levy. We must be the only country in the world where electricity usage is included in the sin taxes bracket. In effect, this will increase my electricity bill with 4.6%. Add to that, the 14.2% authorised electricity rate hike, electricity will increase with 18.8%. More than what Eskom asked originally! Furthermore, comparison of electricity rates with other countries is not fair unless you express it as a percentage of the average wages. My electricity bill is currently 4.32% of my net salary increasing to 5.14% very soon. What percentage would it be in countries like USA, UK or Australia?
 
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Best part is , there is a lot more money in the budget R611 bn something like30 % more than last year.

2 page income tax form is such a huge innovation- I always though innovation is essentially a creation of some kind, now I have to add simplification to that list in my head.

Internet also helped with people paying online ,a good use too
 
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