Budget Highlights 2023/2024

03/27/2023
  • Personal Income tax
    • Granting tax relief by adjusting personal income tax brackets and rebates
      for the effect of inflation.
  • Fuel & RAF levies
    • No change to the general fuel levy or the Road Accident Fund (RAF) levy.
  • Excise duties
    • Increases of 4.9% in excise duties on alcohol and tobacco.
  • Solar
    • 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 2 years from 1 March 2023.
    • A tax rebate to individuals for rooftop solar PV panels of 25% of the
      cost for a limited period, subject to certain conditions, and capped at
      R15 000 per individual.
  • Transfer Duty
    • Adjustments to tax tables to take into account the effect of inflation.
  • Retirement fund lump sum benefits including withdrawal benefits.
    • Adjustments to both tax tables to take into account the effect of inflation.
  • Two-pot retirement system
    • The first phase of legislative amendments to the retirement system is due
      to take effect on 1 March 2024.
  • Research and development tax incentive
    • The incentive is to be refined and extended for 10 years from
      1 January 2024.
  • Diesel fuel refund levy
    • The levy refund will be extended to manufacturers of foodstuff for a period
      of 2 years, from 1 April 2023 until 31 March 2025