Changes to taxes the only real meat in this year’s budget
Foreign remuneration, a new limit for tax-free investments and easier PAYE system are pretty much it
The budget was anticipated with much angst and crystal ball gazing, but it is, in fact, relatively light on the personal tax aspects. Slight changes to the tax brackets, which saw no changes in 2019, slight increases to medical credits — and very few other changes to make much mention of.
One of the more topical changes is the increase of the foreign remuneration exemption from the currently promulgated R1m to R1.25m. While this will be appreciated and welcomed, there are still a large number of concerns and challenges to be resolved in the practical application of the amended legislation and the now-increased exemption limit.