Finance minister gives South Africans a tax breather
South Africans have been spared further tax burdens for now.
Finance Minister Enoch Godongwana has tabled the budget in Cape Town on Wednesday.
"Over the medium-term, revenue projections are R6 billion higher than the estimates of the 2022 MTBPS. As a result, there are no major tax proposals in this budget.
"The improvement in revenue is due to higher collection in corporate and personal income taxes, and in customs duties. This partially offset the lower value-added tax estimates."
READ: Familiar balancing act facing Godongwana on Wednesday, warns economist
The tax breather will also extend to motorists and other consumers of fuel.
"The general fuel levy and the Road Accident Fund levy will not be increased this year."
"To ease the impact of the electricity crisis on food prices, the refund on the Road Accident Fund levy for diesel used in the manufacturing process, such as for generators, will be extended to manufacturers of foodstuffs. This takes effect from 1 April 2023 for two years.
Godongwana announced some renewable energy incentives as part of an effort to lessen the impact of the energy crisis.
He says individuals who install rooftop solar panels will be able to claim a tax rebate of 25% of the cost of the panels from 1 March.
It's up to a maximum of R15 000.
