2023 Budget: A taxing balance

The 2023 Budget speech was delivered against the backdrop of high living costs, a dismal unemployment rate and intensive loadshedding crippling businesses, all of which are placing severe strain on South Africa’s economic recovery and growth. Carla Rossouw looks at some of the key take-outs.

No significant tax increases
Finance Minister Enoch Godongwana provided some relief by proposing no significant tax increases to the major revenue-generating categories, such as personal income tax and value-added tax for the 2023/24 tax year. This signals continuity from the 2022 Budget and echoes the government’s commitment to economic growth, while acknowledging the adverse impact of tax increases.

Personal income tax collections continue to remain under pressure due to job losses, salary cuts, lower bonuses and high unemployment.

Full article: https://www.allangray.co.za/latest-insights/personal-investing/2023-budget-a-taxing-balance/

March 13 2023 By Carla Rossouw - Allan Gray