STAY HOME AND STAY SAFE. for more information and support on COVID-19 please visit www.sacoronavirus.co.za

Budget 2020 - People's Guide

During the Budget speech held at the end of February, the Minister of Finance announced tax relief for individual taxpayers, signalling that tax brackets will be adjusted and personal income tax rebates will increase.


In addition, the annual contribution limit for tax-free investments (TFIs) will increase, effective March 2020.


There will be no change to value-added tax (VAT) or corporate tax. 


What were the key changes?


  • Tax relief for individual taxpayers
    Personal income tax brackets will be adjusted and primary, secondary and tertiary rebates will increase by 5.2%.
  • Increase to the TFI annual contribution limit
    The annual limit on TFI contributions will increase from R33 000 to R36 000, effective 1 March 2020.
  • Hike in excise duties and fuel levy
    There will be a tax hike on alcohol and cigarettes of between 4.4% and 7.5%. The general fuel levy will rise by 16c per litre.  


Dowload the People's Guide Budget 2020 Newlsetter.

Popular Articles
Why you should not shorten 2020 To 20 on legal documents

Why you should not shorten 2020 To 20 on legal documents

Leave review
When you sign and date legal documents this new year, it would make sense t...
Read More
Website Upgrades and Disruptions - Tax Industry News

Website Upgrades and Disruptions - Tax Industry News

Leave review
As a lot of you know, we have had great disruptions in the tax industry due...
Read More
Packages for Small Businesses

Professional Accounting Packages for small businesses

Leave review
At WJ Mitchell we are pleased to announce our new roll out to business prof...
Read More

Get a Quote

WJ Mitchell on Facebook
WJ Mitchell on Instagram
10
10
00
00
00
20
WJ Mitchell on Twitter