The Minister of Finance Mr. Enoch Gondwana on Wednesday, 23 February 2022 delivered his budget speech to members of the National Assembly.

Here are some of the things discussed that may affect you or your business:

1. Nil Pay as You Earn (PAYE) if you are under the age of 65 and have annual taxable income of or below R91,250.
2. The corporate income tax rate has been reduced by 1% from 28% to 27% for the company with the yearend or reporting period commencing on 1 April 2023.
3. Medical tax credits will increase from 1 March 2022 from R332 to R347 (R15 more than previous tax year) per month for the first two members, and from R224 to R234 (R10 more than previous tax year) per month for additional members.
4. No changes to the general fuel levy and road accident fund levy.
5. Plastic bag levy is increased by 3 cents to 28 cents per bag from 1 April 2022.
6. Health promotion levy on beverages is increased by 0.1 cent to 2.31 cents per gram of sugar from 1 April 2022.

Book a FREE 30 minute consultation with a qualified CA(SA) and registered Tax Practitioner. Use the details below to reach out and make an appointment.

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