Minister Tito Mboweni delivered his annual budget speech on 24 February 2021. In the year following the outbreak of the Covid-19 pandemic, many expected the individual tax burden to increase to make up for increased government spending and lower year-on-year tax collections. However, in an effort to stimulate spending, government increased tax brackets above inflation and announced plans to reduce the corporate tax rate in the next tax year.
AJM Tax compiled this handy summary of the most important tax changes announced in the budget speech. You can find an in-depth analysis of the entire speech in this podcast.
Summary of tax changes introduced in 2021
Tax Tuesday blog
Being tax efficient is an important part of great financial management. In this blog, a group of South African tax experts share their tips and explanations on tax issues. Learn everything you need to know about tax, from deductions you never knew about to retirement savings and capital gains. The first Tuesday of every month is Tax Tuesday. Don’t miss it!