Written by Nicci
Posted 19 February 2025
Although the latest budget avoids the steep VAT hike proposed last month, it still puts significant pressure on taxpayers.
All taxpayers will feel the pinch, as tax brackets and rebates have not been adjusted for inflation - for the second year in a row.
VAT is proposed to rise by 0.5 percentage point this year, with another increase planned for 2026, bringing it to 16%...
Written by Patrick
Updated 11 April 2024
In his Budget Speech on 22 February 2023, Minister of Finance Enoch Godongwana announced the introduction of tax incentives intended to encourage the rapid uptake of renewable energy.
Government has developed the scheme in a bid to encourage households to invest in clean electricity generation capacity. The programme is intended to minimise demand on the national grid by reducing the number of households that are entirely reliant on Eskom for their power.
The incentives will r...
Written by Nicci
Posted 21 February 2024
South Africans were bracing themselves for bad news when Finance Minister Enoch Godongwana delivered his budget speech yesterday. However, in line with expectations during an election year, he delivered the reassuring news that there would be no significant tax hikes, no VAT increase, and no introduction of a new wealth tax. Contrary to earlier speculation, the medical tax rebate is also set to stay for a while longer.
However, this positive news is not without consequences. As South ...
Written by Patrick
Posted 24 February 2022
Finance Minister, Enoch Godongwana, delivered his maiden budget speech on 23 February.
The speech started by indicating that there are still high risks to the economy, which is slowly recovering from the Covid-19 pandemic. The budget reasserts the commitment made in the 2021 MTBPS to set the economy’s course towards growth and fiscal sustainability.
It was announced that employment support will also be extended to the most vulnerable, service delivery shortcomings would ...
Written by Patrick
Posted 25 February 2021
The Minister delivered some welcome news to South Africans yesterday when he announced that plans to hike taxes by R40 billion rand over the next four years, have been scrapped. This is largely attributed to a surge in tax revenue from mines, as well as a faster than expected recovery in VAT collections towards the end of last year.
He went on further to say, that there would be no significant tax increases at all in the year ahead. Contrary to speculation, the much-anticipated Covid-19 vaccination programme will not be funded by tax hikes...
Written by Patrick
Posted 24 January 2021
As many countries around the world are already in the process of distributing the Covid-19 vaccine, the National Treasury of South Africa is proposing the possibility
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Written by Neo
Posted 30 June 2020
On Wednesday, 24 June 2020, Minister of Finance, Tito Mboweni, addressed parliament to announce the 2020 Emergency Budget Speech.
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Written by Neo
Posted 27 February 2020
The Minister delivered some good news to South Africans yesterday when he announced there would be no significant tax hikes
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Written by Patrick
Posted 23 July 2019
On 20 June 2019, President Cyril Ramaphosa delivered his first State of the Nation Address (SONA) of the sixth parliament, and for the first time in years, we witnessed an uninterrupted SONA. And that is not the only first. For the first time, the SONA cost almost R2m, a staggering 47% lower than the cost of SONA 2018 and the lowest in five years.
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Written by Marc
Posted 20 February 2019
Mr Minister, you did a fine balancing act on this year’s budget; short-term pain for long-term gain.
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Written by Marc
Posted 15 February 2019
Budget 2019: TaxTim’s predictions
Finance Minister Tito Mboweni will be in the spotlight next week when he delivers his maiden budget speech on Wednesday, 20 February to the nation.
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