South African 2017 Budget Delivered to Parliament including New Top Individual Income Tax Rate and Increased Dividends Withholding Tax Rate

South African Finance Minister Pravin Gordhan delivered the 2017 Budget to parliament on 22 February 2017. The main tax proposals are:

• The introduction of a new top personal income tax bracket with a rate of 45% with an overall increase in existing bracket thresholds as follows from 1 March 2017:
  • up to ZAR 189,880 - 18%
  • ZAR189,881 up to 296,540 - 26%
  • ZAR 296,541 up to 410,460 - 31%
  • ZAR 410,461 up to 555,600 - 36%
  • ZAR 555,601 up to 708,310 - 39%
  • ZAR 708,311 up to ZAR 1,500,000 - 41%
  • ZAR 1,500…