Tag: medical tax credit
2025 GNU budget – prioritising growth in uncertain times
After the false start of 19 February, Finance Minister Enoch Godongwana tabled the 2025 Budget on 12 March. The main tax policy proposals include raising the Value Added Tax (VAT) rate by 0.5% in each of the next two years. This will bring VAT to 16% in 2026/2027. It will be accompanied by no inflationary adjustments to personal income tax brackets, rebates, or medical tax credits.
Tax comments on the 2020 Budget
Given the worsening economic realities still facing the Minister of Finance this year, it came as a pleasant surprise that he provided 5.2% adjustments to the individual tax brackets and rebates, resulting in real personal income tax relief for the already stretched individual taxpayers.
Mistakes to avoid when submitting your personal tax return
You, as the taxpayer, are responsible for declaring the correct information to SARS and will face the consequences if you don’t. Ensure that your tax practitioner declares all income by providing all the correct information to him or her.
