• Tax news in the USA

Trump's revised proposal would reduce the current seven tax brackets to three with rates of 10 percent, 25 percent and 35 percent. The amount of income for each bracket is not confirmed yet. The new plan increases the top rate to 35 percent from 33 percent in the old plan and lowers the bottom rate to 10 percent, from 12 percent in the old plan. The standard deduction would also nearly double under Trump's proposal. For 2017, the standard deduction for single filers is $6,350 and $12,700 for married couples filing jointly.

Source: https://www.cnbc.com/2017/04/27/how-trumps-new-tax-reform-proposal-may-affect-every-income-bracket.html

• Tax news in SA

Treasury said the proposal will be changed to allow the first R1m of foreign remuneration to be exempt from tax in South Africa if the individual is outside of the country for more than 183 days as well as for a continuous period of longer than 60 days during a 12 month period.

Source: http://www.fin24.com

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