Calling it a “good story to tell”, Finance Minister Enoch Godongwana announced, in his first Budget Speech, welcome respite from tax increases, tax relief of R5.2 billion for individuals and businesses, as well as further measures to support businesses in their economic recovery.
These include no increase in the fuel levy, and adjusted tax brackets and rebates for individual taxpayers. For companies, there is a reduction in the tax rate, support in the form of an increase in the Employment Tax Incentive, and a revised support scheme for businesses in distress due to Covid-19.
In this article, we provide a helpful overview of the important tax announcements made, as well as highlight a few issues mentioned in the Budget Speech to be taken note of.
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