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This has been a surprisingly tax-friendly Budget, thanks to tax collection significantly exceeding expectations. Tax revenue collections for 2021/22 are expected to exceed last year’s Budget estimate by R181.9 billion. ....
The Minister of Finance, Enoch Godongwana, delivered his maiden Budget Speech this afternoon. Discussed below are 10 key highlights from the 2022 Budget Review. Tax rates have not been increased – Government refrained from increasing personal income tax rates. The Budget Review noted that increasing the top tax rates yields marginal returns. Therefore, rather than increasing rates, the current policy is to focus on broadening the tax base. Reprieve for all taxpayers – general fuel levy and . ....
MONEYWEB app instead? Should you financially emigrate? Image: Moneyweb The South African Revenue Service (Sars) has discovered R400 billion in offshore holdings owned by South Africans and is on the rampage to collect all taxes that it is owed on these assets. This means that South Africans who are currently working abroad need to particularly take note and ensure that they are compliant with all of Sarsâs tax requirements. Sars has also become more stringent in terms of collecting taxes from wealthy South Africans, who are trying their level best to avoid their local tax obligations. INSIDERGOLD Subscribe for full access to all our share and unit trust data tools, our award-winning articles, and support quality journalism in the process. ....