Business South Africa Raises Income-Tax Rate To 45% For Wealthiest Individuals

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South African government has raised income tax of richest individuals in the country by 45 per cent.

Finance Minister Pravin Gordhan said the new tax rate will help plug a revenue shortfall as economic growth falters.

The top marginal income-tax rate for about 103,000 people earning more than 1.5 million rand ($115,000) a year will be raised to 45 percent from 41 percent, Gordhan said in his annual budget, released in Cape Town on Wednesday.

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He also raised the divided withholding tax rate to 20 percent, from 15 percent, and increased levies on fuel, alcohol and tobacco.


Credits: Bloomberg
 
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