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Tag Archives | Budget 2022

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Budget proposes changes to the tax regime of retirement funds

The government proposes to address anomalies in the Income Tax Act to ensure that members of pension and provident funds are treated alike, according to proposals announced in the Budget Review. The anomalies are largely a result of the mandatory annuitisation of provident fund benefits from 1 March last year. The amendments will address the […]

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Exchange control restrictions ease, but regulatory net tightens around crypto

The government intends introducing several amendments to legislation that will affect exchange control in general and crypto assets in particular. The 2022 Budget Review set out the following proposals that will ease the exchange control restrictions for individuals: Permitting, subject to the single discretionary allowance and/or foreign capital allowance, the export of dual-listed securities to […]

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Scope of ‘variable remuneration’ to be expanded

The government intends to amend section 7B of the Income Tax Act to cater for performance-based variable remuneration, the 2022 Budget Review says. In terms of the Act, “variable remuneration” includes: Overtime pay, bonuses or commission; An allowance or advance paid for transport expenses; An amount to which an employee becomes entitled as a result […]

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Political messaging, juggling spending demands, and the outlook for SA bonds

Jeff Schultz, senior economist at BNP Paribas South Africa, provides the following perspective on the Budget. He discusses: What the ANC hopes the Budget will achieve politically. The outlook for government revenue and spending. Why BNP Paribas remains positive on government bonds. Emulating the prudent approach to future revenue gains displayed in November’s Medium Term […]

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Discussion document coming on tax treatment of collective investment schemes

National Treasury will publish a discussion document dealing with the tax treatment of collective investment schemes’ trading profits before proposing amendments to the Income Tax Act, the 2022 Budget Review says. CIS distributions that are not of a capital nature to unit holders within 12 months after that income is accrued (or, in the case […]

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Proposal to increase retirement funds’ offshore allowance

National Treasury’s proposal to harmonise the offshore limit for all insurance, retirement and savings funds will enable retirement funds to invest up to 45% of their capital offshore. This includes the 10% allowance for investments into other African countries, according to the Budget Review. The proposal implies that the current Regulation 28 offshore limit of […]

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Government’s total allocation to Sasria is R22bn

The government has allocated a total of R22 billion to Sasria in the current financial year to enable it to settle claims and ensure it has sufficient capital to meet regulatory requirements, according to the 2022 Budget Review. The R22bn allocation includes R3.9bn through the Second Special Appropriation Act of 2021, R11bn through the 2021 […]

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