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15 November 2011

Medical tax credit replaces cap amount

Some changes have been announced to the medical tax credit coming into effect 1st March 2012.

Some changes have been announced to the medical tax credit coming into effect 1st March 2012, where the medical aid capped deduction amount will fall away and will be replaced by a medical scheme fees tax credit applicable to all taxpayers other than those aged 65 or more.

Warren says that this is regarded as unfair, in that the allowance should result in the same tax saving for rich as for poor people, which is achieved by the tax credit, which is a deduction from tax (ie a tax rebate).

 
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