While the main topic up for discussion may have been our country’s pressing energy crisis, there was key information shared about how taxes are planning to change over the next fiscal year. The good news is that they aren’t too hectic or dramatic.
To help you get acquainted and kept in the loop on what you missed during the budget speech – here are the tax highlights:
While some promising things are coming regarding tax returns for the new fiscal year, some things have taken a back seat like the intriguing two-pot retirement plan system, as the draft legislation has been put back under evaluation with National Treasury (NT).
However, businesses that rely on transport and fuel costs can find some relief in the fact that the fuel and Road Accident Fund (RAF) levies will not be increased. This will help businesses maintain costs on diesel and generators during load shedding as well as cushion the impact of fuel price inflation over the coming year.
Another tax win for 2023/24 was the announcement that reforms are underway to provide employer and employee data on a monthly basis through a fully automated process. This will eliminate the need for employer PAYE annual and bi-annual reconciliations and EMP501 returns over time and continue to allow individuals to be assessed without filing a personal income tax return.