National Budget 2009

The Minister of Finance, Trevor Manuel, today delivered his National Budget Speech for 2009 announcing various changes to budget allocations and again confirming the government’s continuing commitment to their disciplined fiscal policy.

For the tax paying population, the most relevant of these are:
– Transfer Duty rates on property has remained unchanged from 2008
– Donations Tax annual exemption remains unchanged at R100 000 per year
– Estate Duty exemption limit remains unchanged at R3.5 million
– VAT registration threshold increases to R1 Million from the current R300 000
– The threshold for people under the age of 65 is raised to R54 200 and for people over the age of 65, to R84 200
– Fuel levies will increase on April 1st, 2009 – with Petrol increasing by 23 cents and diesel by 24 cents per litre
– Old age, disability and care dependency grants rise to R1010 per month
– Child support and foster care is increased to R240
– The ‘sin taxes’ have been increased, with duty on cigarettes going up 13% and wine, beer & whiskey to cost more