On 23 February 2022, the Finance Minister, Mr Enoch Godongwana, delivered the South African National Budget Speech, which gave effect to the following changes:
- Tax Rates
- Tax Rebates
- Tax Thresholds
- Medical Scheme Tax Credits
- Corporate Income Tax and PSP Rates
- An expansion of the employment tax incentive, through a 50% increase in the maximum monthly value, to R1500
Additional changes impacting the 2022/2023 year of assessment were promulgated in the Taxation Laws Amendment Act and the Tax Administration Laws Amendment Act on 19 January 2022, as well as published in various government regulations and notices.
Please click here to view the document providing insight into the various amendments and an indication of product application and impact where applicable.
CPI Payroll Support Team