With the aim of “keeping money in the pockets of South Africans”, Finance Minister Enoch Godongwana provided some hope to taxpayers during his maiden Budget speech. Earlier today, the Minister proposed no significant tax increases to the major revenue-generating categories, including personal income tax and VAT for the 2022/2023 tax year. This signals continuity from his predecessor’s Budget in 2021 and reinforces government’s commitment to stimulating economic growth.
In the spirit of tax season, Carla Rossouw, tax lead at Allan Gray, discusses how investors can make their money work harder using tax breaks.
After 18 months of lockdowns and the easing of travel restrictions, optimism is finally returning to many South Africans who have had to halt their dreams of dashing off to far-off destinations. Germany, UK, US, Canada, France and Spain are now accessible to vaccinated South Africans.
As we approach the proverbial finish line after a long year, most of us are looking forward to a well-deserved break. However, as we focus on making memories with our loved ones and living in the moment, it is easy to lose sight of our long-term goals – particularly when it comes to our finances.
The phasing out of emigration has created even more confusion around citizenship, exchange control (excon) residency and tax residency and how the changes will affect different individuals and access to funds. Carla Rossouw, tax lead, and Jaya Leibowitz, senior legal adviser, highlight the differences between these three concepts and explain how each may affect your investments.
Finance Minister Tito Mboweni tabled a taxpayer-friendly Budget, which has taken into account the enormous strain that the COVID-19 pandemic has placed on households and businesses. Personal income tax brackets and rebates will be adjusted by more than inflation to provide individual taxpayers with real tax relief and support economic recovery.
The Taxation Laws Amendment Act includes changes to the legislation that governs provident and provident preservation funds that will come into effect on 1 March 2021.
Emmanuella Fernandes shares some of the money lessons that were inadvertently shaped by her parents’ and grandparents’ experiences.
Noluyolo Betela, client relationship manager at Allan Gray, discusses which financial habits you should toss, and which you should keep, this spring.
Reports that the government plans to compel pension funds to invest in state assets and projects have understandably caused alarm among investors, spurring many questions.