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BUDGET NEWS 2023

Category Finance

The much anticipated budget speech delivered by Finance Minister Godongwana on Wednesday 22 February 2023, contained the following highlights:

  • The transfer duty tables will change on 1 March 2023. The entry amount of paying transfer duty is increased to R1 100 000 and the related changes are as follows: 

Value of property (R)         

Rate

1 - 1 100 000                    

0%

1 100 001 - 1 512 500       

3% of the value above R1 100 000

1 512 501 - 2 117 500       

R12 375 + 6% of the value above R1 512 500

2 117 501 - 2 722 500       

R48 675 + 8% of the value above R2 117 500

2 722 501 - 12 100 000     

R97 075 + 11% of the value above R2 722 500

12 100 001 and above       

R1 128 600 + 13% of the vlaue exceeding R12 100 000

  • Companies Income Tax: For years of assessment ending on or after 31 March 2023, the rate will be 27% (down from 28%).  
  • Personal Income tax tables adjustments are as follows:     

Taxable Income (R)         

Rate of Tax (R)

 (up from the previous R226 000 and the rest of the table follows accordingly)

1 - 237 100                   

18% of taxable income

237 101 - 370 500         

42 678 + 26% of taxable income above 237 100

370 501 - 512 800         

77 362 + 31% of taxable income above 370 500

512 801 - 673 000         

121 475 + 36% of taxable income above 512 800

673 001 - 857 900         

179 147 + 39% of taxable income above 673 000

857 901 - 1 817 000      

251 258 + 41% of taxable income above 857 900

1 817 001 and above     

644 489 + 45% of taxable income above 1 817 000 

  • Trusts other than special trusts are taxed at a rate of 45%.
  • A tax rebate is offered to individuals for solar PV panels of 25% of the cost for a limited period, subject to certain conditions, and capped at R15 000 per individual.
  • An expected tax incentive is offered to businesses of 125% of the cost of renewable energy assets used for electricity generation, brought into use during a period of 2 years from 1 March 2023.
  • There are no changes to the general fuel levy and road accident fund levy.

Reference: https://mailchi.mp/stbb/stbb-newsflash-2021-budget-news-608693?e=d51c85b8f6

Author: Cesar Alexandre

Submitted 24 Feb 23 / Views 846