In a recent BusinessTech article, Jerry Botha, managing partner of Tax Consulting SA outlined five possible tax changes that South Africans should know about.
National Health Insurance and medical aid credits
There are promised announcements around National Health Insurance especially the funding thereof in the Budget 2019/20.
Travel reimbursement rates
According to Botha the reimbursement and tax claim limits will require proper adjustment to keep track with the reality of petrol price increases and the higher-than-normal costs associated with business-use of vehicles.
Recession and low remuneration increases
As a result of a lot of restructuring and retrenchment exercises, employees should expect lower increases.
New financial products
Botha mentioned that there are a number of new financial products and services – including at least three new zero or low-cost banking options planned for 2019.
Expatriate tax exemption – R1m only from 1 March 2020
The change is already in law and will increase the cost for South African employers which expand internationally when using South African employees as expatriates.
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