Budget 2020: What’s up, what’s down, what stayed the same

Income tax is down by R2bn, and VAT stays the same at 15% – that’s the headline news from the Budget.

Income tax is down by R2 billion, and VAT stays the same at 15% – that’s the headline news from the Budget.

However, there are no increases to a host of taxes, from dividends tax to capital gains tax and estate duty. Interest exemptions remain at R23,800 for individuals under the age of 65 and R34,500 for individuals aged 65 and over.Capital gains tax inclusion rates and exemptions: The effective rates remain as:Annual exclusion for individuals remains at R40,000.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

SowetanLIVE /  🏆 13. in ZA

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Budget 2020 comes with some real personal income tax reliefFinance Minister Tito Mboweni took heed of South Africa’s call for tax relief and announced no major tax increases when delivering his 2020 National Budget Policy Statement. Budget2020
Read more »

Budget Speech 2020: 'Hubbly bubbly' to be taxed, steep hikes for cigarettes and alcoholA packet of 20 cigarettes will cost 74c more while a 340ml can of beer or cider will cost only an extra 8c, Finance Minister Tito Mboweni announced.
Read more »

Budget 2020: Mboweni cleans houseFinance Minister Tito Mboweni faces an uphill battle to get the country’s finances under control, contain spending and boost growth and employment in a country struggling to achieve any of these objectives. BudgetSpeech2020
Read more »

Tito Mboweni’s full 2020 budget speechAll the details — from the economic context and strategy to tax adjustments
Read more »