Thursday, February 16, 2006

Manuel cuts tax and increases social spending

Finance Minister Trevor Manuel has announced across-the-board tax relief for individuals, a special tax amnesty for small businesses, and increased social and infrastructure spending in his budget speech. Total tax relief this year would amount to 19-point-1 billion rands, of which 13-point-1 billion rands is in personal income tax relief to individuals. The income threshold below which no tax is payable by individuals will be raised 40-thousand rands.

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