Lees in Afrikaans | Inguqulelo ngesiXhosa
Minister of Finance, Mr Tito Mboweni, delivered the National Treasury’s budget for 2020/2021 this afternoon. The following amendments stand out:
- Above inflation adjustment to personal income tax brackets. (This was not done last year)
- Transfer Duty exemption increased to R1 million.
- Inflationary adjustment to transfer duty rates.
- Allowable increase to tax free savings increased from R33,000 to R36,000.
- Sunset clauses in respect of certain corporate incentives.
- Limitation placed on use of assessed losses.
- General fuel levy increases by 16 cents per litre on 1 April 2020.
- Increased excise duties on tobacco and alcohol.
- Plastic bag levy increases to 25 cents per bag.
Transfer Duty rates effective from 1 March 2020 are as follows:
| Value of property | Rate |
| Up to R 1 000 000 | 0% |
| R1 000 001 – R1 375 000 | 3% of the value above R1 000 000 |
| R1 375 001 – R1 925 000 | R11 250 + 6% of the value above R1 375 000 |
| R1 925 001 – R2 475 000 | R44 250 + 8% of the value above R1 925 000 |
| R2 475 001 – R11 000 000 | R88 250 +11% of the value above R2 475 000 |
| R11 000 001 and above | R1 026 000 + 13% of the value exceeding R11 000 000 |
