Budget Highlights 2023/2024

03/27/2023
  • 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 contained in this article is a summary of legislation and budget proposals proposed by the Minister of Finance. We suggest that you do not act solely on material contained in the article as the nature of the information contained herein is general and may in certain circumstances be subject to misinterpretation. In addition, the budget proposals may not include all legislative adjustments which could be made in the near future. Consequently we recommend that our advice be sought when encountering these potentially problematic areas. While every care has been taken in the compilation of the article, no responsibility of any nature whatsoever shall be accepted for any inaccuracies, errors or omissions.