The Kaplan Team
Feb 21, 20191 min
Updated: Apr 7, 2020
The new Minister of Finance, the Honourable Mr. Tito Mboweni, delivered the National Treasury budget for 2019/2020 yesterday afternoon. Whilst there were no radical changes in the tax sphere, the following stand out:
· A small adjustment to income tax thresholds.
· No adjustment in the income tax brackets for individuals (no inflationary adjustment).
· No adjustment in transfer duty or the threshold of R900,000.
· No increase the inclusion rate of capital gains tax.
· Fuel levy increase below inflation (29c for petrol and 30c for diesel).
· 7.4% to 9% increase in sin taxes.
· Carbon Tax to be implemented on 1 June 2019.
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