BUDGET HIGHLIGHTS 2023/2024

05/01/2023
  • Personal Income tax
    • Granting tax relief by adjusting personal income tax brackets and rebates for the effect of inflation.
  • Fuel & RAF levies
    • No change to the general fuel levy or the Road Accident Fund (RAF) levy.
  • Excise duties
    • Increases of 4.9% in excise duties on alcohol and tobacco.
  • Solar
    • An expanded tax incentive for 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.
    • A tax rebate to individuals for rooftop solar PV panels of 25% of the cost for a limited period, subject to certain conditions, and capped at R15 000 per individual.
  • Transfer Duty
    • Adjustments to tax tables to take into account the effect of inflation.
  • Retirement fund lump sum benefits including withdrawal benefits.
    • Adjustments to both tax tables to take into account the effect of inflation.
  • Two-pot retirement system
    • The first phase of legislative amendments to the retirement system is due to take effect on 1 March 2024.
  • Research and development tax incentive
    • The incentive is to be refined and extended for 10 years from 1 January 2024.
  • Diesel fuel refund levy
    •  The levy refund will be extended to manufacturers of foodstuff for a period of 2 years, from 1 April 2023 until 31 March 2025.

Disclaimer: The information in this article is an easy referenced overview of the South African Tax System and immovable property in South Africa. The information contained in this article is a summary of current property related information. Due to limitations in length, only key points on each topic are addressed. Words importing the masculine shall include a reference to the feminine and vice versa. We suggest that you do not act solely on material contained in this article as the nature of the information contained herein is general, and in summarised format, and may in certain circumstances be subject to misinterpretation. The information is provided with the understanding that no legal or professional advice is being rendered in this guide. We recommend that our advice be sought when encountering these potentially problematic areas. While every care has been taken in the compilation of this guide, no responsibility of any nature whatsoever will be accepted for any inaccuracies, errors, or omissions.