- No massive changes in the coming tax
year beyond:
- Fuel Levy Increase: 25c a litre.
- Tabaco increases by 74c per pack of 20
- Beer increases by 8c per 340ml
- Wine increases by 23c per 750ml
- Plastic bags increased to 25c
- New sin tax items
- Electronic cigarettes (vapes) will be taxed from 2021
- Personal Income Tax should see some relieve after inflation-adjusted tax rates have been released.
- Medical Aid Tax credits have increased to R319 for the first 2 individuals and R215 for each additional dependant.
- Subsistence allowances paid for travel in South Africa have been increased as follows
- Meals and incidental costs, an amount of R452 per day is deemed to have been expended
- Incidental costs only, an amount of R139 for each day, which falls within the period, is deemed to have been expended.
- Reimbursive travel has been adjusted to R3.98 per kilometre of travel. Any value paid above the given rate is taxable. Companies may reimburse at below the given rate.
- The annual contribution to tax-free savings accounts has been increased by R3,000 to R36,000 from March
- Social Grants have increased between R20 and R80 per month from 1 March 2020.
- Dividends Tax remains unchanged at 20%
- Interest exemptions may be applied when interest is earned from a south African source
- Income Tax – Companies
- Income Tax – Small Business Corporations
