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TAX Highlights – 2012 /13: Budget speech 22 February 2012
The following are the main taxation implications from the Finance Minister’s speech on the 22nd February.
Have increased as follows:
In other words, any taxable income of less than the above thresholds will result in the individual not being liable for any taxation.
Effective 1 April 2012, at a rate of 15% of dividends declared. (Expectation was 10%).
Increase in CGT by the increase in Inclusion rates, as follows:
Other changes:
Medical credits will replace medical deductions, effective from 1 March 2012.
Contributions made to Pension, Provident and Retirement funds will be tax deductable subject to the following:
We have updated our on line tax workbook, to make input much easier – please go to our site and download this free software.
Feedback on improvement will be gratefully received.
regards
Gavin
Just received notification that the fringe benefit tax on company vehicles will be increased from 1 March 2011, to 3.5% of the value of the vehicle, which includes VAT.
Where the cost includes an element for maintenance plans, the tax rate is 3.25%.
When calculating PAYE, 80% of the fringe benefit must be included in the employee’s remuneration.
This percentage is reduced to 20% if the employer is satisfied that at least 80% of the use of the motor vehicle for the tax year will be for business purposes.