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The Carbon Tax Act 15 of 2019 (Carbon Tax Act), the Customs and Excise Act 91 of 1964 (Customs Act) and the Customs and Excise Amendment Act 13 of 2019 (Customs Amendment Act) pose numerous uncertainties on the road to implementation of carbon tax. We have mapped out below a pathway to assist taxpayers in navigating the complex statutes regulating carbon tax.
Officially, for the 2019/20 financial year, government will not be increasing income taxes. The only taxes set to increase are the indirect taxes: fuel levies, excise duties on alcohol and cigarettes, and the new carbon tax coming into effect on 1 June 2019. With these increases government estimates that it will raise an additional R1.2 billion.
As expected, this was a conservative budget with no sweeping changes to most forms of taxation. The Finance Minister took advantage of some new revenue sources such as carbon taxes, but, for the most part, continued to stick to the script of limiting bracket creep adjustment, sin taxes and fuel levies to raise more money.