2023 BUDGET SPEECH

- The transfer duty tables will change on 1 March 2023. The entry amount of paying transfer duty is increased to R1 100 000 and the related changes are as follows:

Value of property (R) Rate

1 - 1 100 000 0%

1 100 001 - 1 512 500 3% of the value aboove R1 100 000

1 512 501 - 2 117 500 R12 375 + 6% of the value above R1 512 500

2 117 501 - 2 722 500 R48 675 + 8% of the value above R2 117 500

2 722 501 - 12 100 000 R97 075 + 11% of the value above R2 722 500

12 100 001 and above R1 128 600 + 13% of the vlaue exceeding

R12 100 000

- Companies Income Tax: For years of assessment ending on or after 31 March 2023, the rate will be 27% (down from 28%).

- Personal Income tax tables adjustments are as follows:

Taxable Income (R) Rate of Tax (R)

(up from the previous R226 000 and the rest of the table follows accordingly)

1 - 237 100 18% of taxable income

237 101 - 370 500 42 678 + 26% of taxable income above 237 100

370 501 - 512 800 77 362 + 31% of taxable income above 370 500

512 801 - 673 000 121 475 + 36% of taxable income above 512 800

673 001 - 857 900 179 147 + 39% of taxable income above 673 000

857 901 - 1 817 000 251 258 + 41% of taxable income above 857 900

1 817 001 and above 644 489 + 45% of taxable income above 1 817 000

- Trusts other than special trusts are taxed at a rate of 45%.

- A tax rebate is offered 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.

- An expected tax incentive is offered to 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.

- There are no changes to the general fuel levy and road accident fund levy.