Top 10 Budget Speech Highlight

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Top 10 Budget Speech Highlight

• Personal income tax rates adjusted to compensate for the effects of inflation.
• Personal income tax relief amounts to 9.25 billion. 40% of the relief goes to South Africans earning below R250,000 per year.
• To align the treatment of company car fringe benefits, it is proposed that the actual retail market value only be used. It is also proposed to treat employees who bear costs of fuel and maintenance more equitably.
• It is proposed that the first R500,000 of retirement lump-sum is tax free, up from R315,000.
• National Health Insurance white papers will be tabled soon.
• Unemployment benefits proposed to be extended to 365 days.
• There is a clear strategy for youth development and employment – employment tax incentive, special economic zones, industrial incentives, support for agriculture
• The deemed rate per kilometre increased with 6 cents to R3,30/km.
• RSA subsistence values are now R335/day for meals and incidentals and R103 for incidentals only for travel inside the RSA.
• Medical tax credits are now R257 for the main members and 1st dependent and R172 for additional dependents.

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