SPONSORED: With the focus of the 2023/24 Budget Speech mainly falling on SA’s ongoing energy crisis, there weren’t any new dramatic tax measures put in place, but here’s what was mentioned regarding your taxes. | SageGroupZA
hile the main topic up for discussion may have been our country’s pressing energy crisis, there was key information shared about how taxes are planning to change over the next fiscal year. The good news is that they aren’t too hectic or dramatic.
To help you get acquainted and kept in the loop on what you missed during the budget speech – here are the tax highlights: While some promising things are coming regarding tax returns for the new fiscal year, some things have taken a back seat like the intriguing two-pot retirement plan system, as the draft legislation has been put back under evaluation with National Treasury .
However, businesses that rely on transport and fuel costs can find some relief in the fact that the fuel and Road Accident Fund levies will not be increased. This will help businesses maintain costs on diesel and generators during load shedding as well as cushion the impact of fuel price inflation over the coming year.
Another tax win for 2023/24 was the announcement that reforms are underway to provide employer and employee data on a monthly basis through a fully automated process. This will eliminate the need for employer PAYE annual and bi-annual reconciliations and EMP501 returns over time and continue to allow individuals to be assessed without filing a personal income tax return.
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.
PODCAST | Phalatse's speech was analytical but Steenhuisen emerged the better politicianOn Saturday afternoon, the two candidates for federal leader of the DA, John Steenhuisen, the incumbent, and his challenger Mpho Phalatse, delivered their final leadership contest speeches at the party's congress currently under way.
Read more »
Steenhuisen goes for the jugular in acceptance speech as DA leaderRe-elected leader calls for ‘moonshot pact’ with other political parties to oust the ANC and keep the EFF out by securing a 51% coalition in next year’s election
Read more »
Sars almost achieves tax collection target in February budgetLoad-shedding had a detrimental affect on Sars’ collections in the year
Read more »
Liberia: VP Taylor Warns Against Cut in Education BudgetVice President Jewel Howard Taylor is urging the Liberian Legislature, especially the Senate, not to reduce the national budget for education, which currently stands at Five Million United States Dollars.
Read more »