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Income Tax Act, 1962 (Act 58 of 1962)

Paragraph 1 - Rates of normal tax - taxable income excluding retirement

 

 

Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2012

 

Appendix I

 

Rates of normal tax

(Section 1)

 

1. The rate of tax referred to in section 1(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 2012 is set out in the table below:

 

Taxable income

Rate of tax

Not exceeding R160 000

18 per cent of taxable income

Exceeding R160 000 but not exceeding R250 000

R28 800 plus 25 per cent of amount by which taxable income exceeds R160 000

Exceeding R250 000 but not exceeding R346 000

R51 300 plus 30 per cent of amount by which taxable income exceeds R250 000

Exceeding R346 000 but not exceeding R484 000

R80 100 plus 35 per cent of amount by which taxable income exceeds R346 000

Exceeding R484 000 but not exceeding R617 000

R128 400 plus 38 per cent of amount by which taxable income exceeds R484 000

Exceeds R617 000

R178 940 plus 40 per cent of amount by which taxable income exceeds R617 000