RSA Budget 2023 Tax Guide
Herewith is the RSA Budget 2023 Pocket Tax Guide for your convenience.
The Budget Highlights are:
- 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 2 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.
- The increase in the health promotion levy on beverages to 2.3 cents per gram of sugar is delayed until 1 April 2025.
- 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 the general fuel levy and road accident fund levy.