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National Budget Speech 2015



We are fast approaching the financial year end and at this stage is seems certain that Finance Minister Nhlanhla Nene will announce tax increases in his upcoming National Budget Speech on 25 February.

Several other changes to tax regulations are expected, specifically in respect of employer provided residential accommodation, Income Protection schemes, fringe benefit tax on company cars, restraint of trade payments, Interest Withholding Tax and retirement benefit accrual dates.

While the proposed retirement reforms have received widespread attention in the past year, its commencement date has been delayed to 1 March 2016, following opposition from organised labour to certain elements of the proposed retirement reform process.

The proposed tax-free savings account is aimed at promoting pre-retirement savings, and has generally been welcomed, but at this stage, details are still vague. Draft regulations announced by Treasury specify that products that charge performance fees won't qualify, but collective investments schemes will be eligible as tax-free savings accounts.

Technical amendments in respect of VAT, customs duty, the employment tax incentive, and the Tax Administration Act 2011, are also expected.

Like you, we await further details on these and any other changes the Minister may announce. Your Abacus Payroll Software Tax Update will reflect all these new regulations and will be released by 6 March 2015.