BUDGET NEWS 2019
Category General News
The new Minister of Finance, the Honourable Mr. Tito Mboweni, delivered the National Treasury budget for 2019/2020 this afternoon. Whilst there were no radical changes in the tax sphere, the following stand out:
- A small adjustment to income tax thresholds.
- No adjustment in the income tax brackets for individuals (no inflationary adjustment).
- No adjustment in transfer duty or the threshold of R900,000.
- No increase the inclusion rate of capital gains tax.
- Fuel levy increase below inflation (29c for petrol and 30c for diesel).
- 7.4% to 9% increase in sin taxes.
- Carbon Tax to be implemented on 1 June 2019