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 Author: Budget