22 February 2023 – Today the Minister of Finance is announcing the National Budget for 2023, including changes in tax rates, duties and levies. To see the changes, visit the Budget 2023 and Tax Rates webpages.
The highlights for this year are:
- Granting tax relief by adjusting personal income tax brackets and rebates for the effect of inflation
- 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 two years from 1 March 2023
- A tax rebate to individuals for solar PV panels of 25% of the cost for a limited period, subject to certain conditions, and capped at R15 000 per individual
- Adjustments to tax tables for transfer duty, retirement fund lump sum benefits and retirement fund lump sum withdrawal benefits, for the effect of inflation
- Increases of 4.9% in excise duties on alcohol and tobacco
- No changes to be general fuel levy and road accident fund levy
- The increase of the health promotion levy on beverages to 2.3 cents per gram of sugar is delayed until 1 April 2025.