By Dennis Swing Greene
The budget for 2012 has introduced some global limits for the deductible provisions and for tax benefits (table 1). Although lower income brackets appear to have unlimited tax benefits, the reality is that they do not pay enough tax to take advantage of this status. At the other end of the spectrum, these new caps can have a significant impact on higher rate taxpayers.
The tax budget for 2012 has introduced some global limits for personal allowances and for the tax benefits, as shown below (table 2).
Dennis Swing Greene is Chairman of the Board and International Fiscal Consultant for euroFINESCO s.a.