National Treasury proposed to give limited access to retirement fund savings before retirement via the two-pot system.
South Africans will have more money in their pockets not only through an adjustment of the personal tax brackets in line with inflation, but also, as a result of no increases in the fuel levy.
The National Health Insurance Bill (NHI) remains an enigma. Despite numerous consultations and public participation workshops, key stakeholders are still unclear on a number of important issues around NHI.
There is cautious optimism that South Africa’s fiscal picture is improving after Finance Minister Enoch Godongwana delivered his maiden Budget Speech.
As many South Africans scramble to beat the end-of-tax year deadline of February 28, here is a breakdown of the taxes that can cause investments with identical performance to deliver substantially different after-tax returns.
Director at specialist tax advisors AJM, Dr Albertus Marais, cautions that significant structural threats and a dwindling corporate tax base remain key risks.
The government did not announce any increase in the VAT rate. The proposed amendments affecting VAT are largely technical in nature.
Investing tax-free can offer material benefits over the long term. Tax-free investment products also offer additional flexibility.
Jenny Gordon, Head: Technical Advice, Investments, Product and Enablement at Alexander Forbes summarises tax proposals from the 2022 Budget Speech.
10 Key Highlights from the 2022 Budget Speech.
Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za
