2017 budget speech
Pravin Gordhan. Photo: Gallo/thesouthafrican.com

12 Things You Should Know About South Africa’s 2017 Budget Speech

By Peter Pedroncelli, 7:40 am AFKI Original

The rich will pay more tax. That’s one of the most riveting things to come out of South African Finance Minister Pravin Gordhan’s 2017 budget speech. Income tax increases across the board did not materialise, but wealthy South Africans will be taxed at a higher bracket. Taxpayers earning more than $115,000 a year will pay a 45% tax rate. Around 100,000 taxpayers will be affected. Investors and global credit agencies were keen to hear Gordhan’s speech — his second one in his second stint as finance minister. Here is a closer look at 12 things you should know about the 2016 South African budget speech.

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