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South Africa’s current retirement conundrum

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In the weeks prior to the Medium-Term Budget Policy Statement (MTBSP), South Africans await more clarity from National Treasury on their proposal for limited pre-retirement withdrawals and the logistics required to make this happen.

Financial Services Regulation – Update

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Keep up to date on the most important Financial Services Regulation developments in South Africa in June 2021.

New Tax Bills published – 5 key proposals

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National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget. Highlighted are five key changes proposed by government that taxpayers need to be aware of.  

SARS should give crypto investors more carrot and less stick

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It has been more than three years since SARS’s media statement on cryptocurrencies. In this statement, SARS said that it would apply 'normal income tax rules' to cryptocurrencies when assessing whether a gain is revenue or capital in nature, and that crypto assets are not seen as currency for income tax purposes.

Proposals of interest to employers in the 2021 Budget Review

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In the 2021 Budget, there are proposals to halt abuse of employment tax incentives and expand the scope of what constitutes a long-service award. The 2021 Budget Review contained several proposals in relation to individuals, employment tax and associated benefits and incentives.

Budget 2021/22 preview – smaller deficits than expected in October

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When the minister of finance delivered Budget 2020/21 on 26 February 2020, COVID-19 was mostly contained to China (with other countries registering few cases). The budget therefore made virtually no provision for what was to become one of the largest health and economic meltdowns in the past 90 years. As such, except for the growing fiscal deficit, the main and consolidated budgets[1] contained no earth-shattering announcements.

Budget Speech 2021 – taxpayers key takeaways

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Taxpayers were listening very closely as Tito Mboweni delivered his annual budget speech. Taxpayers can however breathe a sigh of relief as no increases in tax rates will be incurred despite a year of national lockdown and the roll out of the vaccine.

Optimistic budget masks a number of key risks

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Finance Minister Tito Mboweni’s budget has been received very positively, as demonstrated by the reaction from markets. SA Inc companies have rallied, the rand initially strengthened, and even the bond market is acting positively. However, while there are notes of hope, this budget also demonstrates a number of key risks, overly optimistic assumptions and potential weaknesses, pointing to an extremely challenging path ahead for the country.

Budget 2021 quick view

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Minister of Finance Tito Mboweni delivered his Budget Speech 2021 to Parliament on Wednesday, February 24. This document provides an overview of key information relating to the economic outlook, government revenue and expenditure, fiscal balance, and the public debt trajectory.

Budget 2021 | SA Finance Minister Tito Mboweni’s Speech

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The 2021 Budget was tabled to Parliament on 24 February 2021 by South African Finance Minister Tito Mboweni.

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