Tax Update - UIF Contributions Reduced
In his first budget the Finance Minister, Nhlanhla Nene announced a reduction in the monthly contributions payable by employers and employees. The current contributions are calculated as 1% of the first R14,872 of an employee's remuneration, this will be lowered to 1% of the first R1,000 therefore employers and employees will each pay a maximum monthly contribution of R10.00
Once this change has been gazetted it will result in total annual contributions of R240.00 for the 2015/2016 tax year.
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