In South Africa the first quarter of each year sees one of the most important events in the financial calendar: the presentation of the nation’s annual budget. This year, on 25 February, Finance Minister Nhlanhla Nene will table the 2015 Budget in Parliament, in what is colloquially known as “the budget speech”.

The budget is the national government’s document presenting its proposed revenues and spending for the coming financial year. In the budget speech the Minister will also announce any changes to the tax rates effective for the 2015/16 tax year, which commences on 1 March 2015. Based on announcements made by Minister Nene in October last year, many commentators expect an increase in income tax for higher earners, and possible increases in capital gains taxes and estate duty for wealthier individuals.