2024 Budget speech highlights

Despite escalating pressure to hike taxes to balance government’s finances, no major tax increases were announced during the Finance Minister’s 2024 Budget speech delivered on 22 February 2024. The budget aims to generate an additional R15 billion in revenue, primarily through personal income tax, by maintaining existing tax brackets, rebates, and medical tax credits without […]

Highlights from the 2023 Budget Speech

Finance Minister Enoch Godongwana delivered the National Budget address on Wednesday, 22 February 2023.Overall, the budget speech reflected a cautious approach to fiscal management, with a focus on promoting economic growth, creating jobs, and addressing social inequality. While there were some changes to tax rates and excise duties, these were relatively minor and aimed at […]

Foreword

For most accountants and auditors, March brings welcome relief – a month of respite. Provisional tax and financial year-end dominate our lives to a large extent in January and February. With the South African Revenue Service mercilessly levying fines, there is a great focus on ensuring that our clients’ provisional tax is calculated accuarately and […]

The 2020 Budget Speech in a nutshell

Finance Minister Tito Mboweni delivered his second National Budget Speech on 26 February 2020. Taxpayers can breathe a little easier as he announced no major tax increases. The personal income tax brackets and the primary, secondary and tertiary rebates will be increased by 5.2% for 2020/21, which is above the expected inflation of 4.4%. Tax […]

Theres an increase in VAT. Remember that.

In the budget speech on 21 February 2018, the Minister of Finance announced that the VAT rate will change from 14% to 15% from 1 April 2018. Here are some key points to take note of in terms of the change in VAT rate: We remind you that, from this date, you must adjust your […]