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Paragraph 1

 

1. The rate of tax referred to in section 2(1) of this Act to be levied in respect of the taxable income (excluding any retirement fund lump sum benefit, retirement fund lump sum withdrawal benefit or severance benefit) of any natural person, deceased estate, insolvent estate or special trust (other than a public benefit organisation or recreational club referred to in paragraph 4) in respect of any year of assessment commencing on 1 March 2013 is set out in the table below:

 

Taxable income

Rate of tax

Not exceeding R165 600

18 per cent of taxable income

Exceeding R165 600 but not

exceeding R258 750

R29 808 plus 25 per cent of amount by which

taxable income exceeds R165 600

Exceeding R258 750 but not

exceeding R358 110

R53 096 plus 30 per cent of amount by which

taxable income exceeds R258 750

Exceeding R358 110 but not

exceeding R500 940

R82 904 plus 35 per cent of amount by which

taxable income exceeds R358 110

Exceeding R500 940 but not

exceeding R638 600

R132 894 plus 38 per cent of amount by which

taxable income exceeds R500 940

Exceeding R638 600

R185 205 plus 40 per cent of amount by which

taxable income exceeds R638 600