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.
#NationalTreasury
Government to withdraw R150bn from SARB’s gold and forex account to get a handle on debt
A proposed reform will see half the account’s R500bn distributed to a SARB contingency reserve (R100bn) and to Treasury (R150bn).
Multinationals will be subject to a minimum effective tax rate of 15%
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%.
Treasury anticipates tax windfall from two-pot retirement system
Many fund members are likely to withdraw the seed capital from their savings component.
Whatever happened to … NHI?
The Minister of Finance says the R1.4 billion allocation demonstrates the government’s commitment to National Health Insurance.
Whatever happened to … a basic income grant?
Changes are afoot to the qualifying criteria for the Social Relief of Distress grant, for which provisional expenditure has been allocated to 2027.
Positive Budget bodes well for domestic bonds and equities
Old Mutual weighs in on how the Budget is likely to affect the country’s credit rating, economic growth, and the capital markets.
Fiscal risks to SA remain despite government’s debt-containment measures
National Treasury continues to toe the line between fiscal continuity, consolidation, and declining revenues amid an increasingly stagnant local economy.
Countdown to Budget Day: Will solar tax breaks be extended amid loadshedding turmoil?
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.
Two-pot legislation speed bump – the Amendment Bill must be amended to include public sector funds
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.
Budget 2024: No inflation-related adjustments to the tax brackets?
Not providing tax relief will be a relatively easy way for a cash-strapped National Treasury to collect revenue.
Minister of Finance publishes Pension Funds Amendment Bill
The amendments are necessary for private sector retirement funds to give effect to the two-pot retirement system.
South Africa faces economic headwinds as Fitch rating reflects concerns
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.
Digital drive fuels compliance, latest tax statistics show
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.
Two pots: proposed implementation date is neither 1 March 2024 nor 1 March 2025
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.
FATF releases report on SA’s progress with addressing compliance deficiencies
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
Average living annuity drawdown rate falls in 2022
Asisa says it is encouraging that the 2.5% to 5% drawdown rate made up the biggest income band by number of policies.
