Budget 2024: bad news for personal income taxpayers
Here are the government’s proposals for PIT, the medical tax credits, the fuel levies, and the duties on alcohol and tobacco.
Here are the government’s proposals for PIT, the medical tax credits, the fuel levies, and the duties on alcohol and tobacco.
A proposed reform will see half the account’s R500bn distributed to a SARB contingency reserve (R100bn) and to Treasury (R150bn).
SARS will apply a top-up tax on profits reported by qualifying South African multinationals operating in other countries with effective tax rates below 15%.
Many fund members are likely to withdraw the seed capital from their savings component.
The Minister of Finance says the R1.4 billion allocation demonstrates the government’s commitment to National Health Insurance.
Changes are afoot to the qualifying criteria for the Social Relief of Distress grant, for which provisional expenditure has been allocated to 2027.
Old Mutual weighs in on how the Budget is likely to affect the country’s credit rating, economic growth, and the capital markets.
National Treasury continues to toe the line between fiscal continuity, consolidation, and declining revenues amid an increasingly stagnant local economy.
As South Africans await the 2024 Budget Speech, a SAIPA tax specialist weighs in on the potential extension of the tax incentives for renewable energy.
The Pension Bill will prohibit members from making a withdrawal from the savings component if the withdrawal results in insufficient funds remaining to settle a court order.
Not providing tax relief will be a relatively easy way for a cash-strapped National Treasury to collect revenue.
The amendments are necessary for private sector retirement funds to give effect to the two-pot retirement system.
Fitch’s recent affirmation of the country’s BB- rating underscores concerns about weak GDP growth, power shortages, faltering logistics, and a rising government debt-to-GDP ratio.
Tax experts Louis Botha and Nicholas Carroll from Cliffe Dekker Hofmeyr discuss the significance of 2023 Tax Statistics, emphasising the potential impact of additional tax measures, the growth of the taxpayer base, and insights into Company Income Tax trends.
The Minister of Finance responds to the Standing Committee on Finance’s call for the implementation date to be moved to 1 March next year.
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
Asisa says it is encouraging that the 2.5% to 5% drawdown rate made up the biggest income band by number of policies.