The Minister of Finance, Mr Tito Mboweni, delivered the National Treasury’s budget for 2021/2022 yesterday afternoon.
The following stand out:
1. The general fuel levy increases by 15 cents per litre, and the road accident fund levy increases by 11 cents per litre on 7 April 2021.
2. Capital Gains Tax effective rates remain unchanged:
- Individuals and special trusts - 18%
- Companies - 22.4%
- Other trusts - 36%
3. Estate Duty remains unchanged at 20% on the first R30 million, and 25% for the amount above R30 million.
4. Withholding tax remains unchanged at 7,5%, 10% and 15% on the sale of immovable property by a non-resident.
5. Income tax thresholds have increased to:
