Tax highlights of the 2015 budget speech

The Minister of Finance, Nhlanhla Nene, read the 2015 budget to the National Assembly on 25 February 2015. The 2015 budget speech was aimed at addressing economic constraints, improving growth performance, creating work opportunities and broadening economic participation.

The mbudgetain highlights, amongst others are the following:

  1. The general fuel levy on petrol and diesel will increase by 30.5 cents per litre, the Road Accident Fund levy will increase by 50 cents per litre on 1 April 2015. Totaling an increase of 80.5 cents per litre;
  2. The VAT rate remains unchanged at 14%;
  3. The exemption transfer duty is increased to properties with a value up to R 750 000 from 1 March 2015, the transfer duty rate for properties with a value above R 2.25 million is increased to 11% from 8% from 1 March 2015;

 

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